PayPal Xoom Offers Debit Card Deposit Cross-Border Remittance

The international money transfer service Xoom, which is owned and operated by the financial technology company PayPal, has introduced a new offering that enables customers in the United States to send money straight to users of Visa debit cards.

A recent release made by PayPal indicated a partnership between Xoom and the financial services company Visa. This partnership makes it possible for debit card customers to receive payments straight from Xoom.

There are now 25 nations that support the functionality, some of which include the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam. Users no longer have to wait the standard amount of time for wire transfers, which is five business days, since a recently introduced feature now makes it possible for them to have access to their money in a matter of minutes.

According to Wei-Lin Lee, vice president of remittances at PayPal, the new service has the potential to assist individuals throughout the winter and during the holidays. Lee noted that during those times, many customers were transferring money to their friends and family located in other countries, and that this process needed to be completed as rapidly as possible.

Yanilsa Gonzalez-Ore, the CEO of Visa Direct North America, observed that there has been a rise in demand for "digital solutions that assist eliminate hurdles" among those who want to transfer money to other countries.

In the meanwhile, PayPal has become more comprehensive in its coverage of all aspects of financial transactions. In improving its product offerings in international financial transactions, the firm has now begun accepting cryptocurrencies as payment.

In 2018, the company launched the pilot program for its cross-border payments, which resulted in considerable time and cost savings for participating institutions.

In the year 2022, the business began enabling native transfers of digital assets from PayPal to other wallets and exchanges that were hosted on third-party platforms. Cross-border payments for companies are often connected with Ripple within the crypto space. Ripple is the company that is behind the XRP coin, which is now at the center of an ongoing court case.