Online payments provider PayPal has introduced its international money transfer service, Xoom, in 32 European countries.
People across these countries can now use Xoom service to send money, pay bills or top-up phones to over 130 countries across the globe.
As per World Bank data, the global remittance market reached $689bn (£554.9bn) in 2018 from $633bn (£509.5bn) in 2017.
Customers can send up to €10,000 in a single transaction via Xoom money transfer service. Through Xoom iOS or Android app, the customers can easily create a Xoom account.
PayPal account can be used by the existing PayPal customers to access Xoom’s services, helping them to quickly and easily send money to foreign countries.
European PayPal customers can also use bank accounts linked to their PayPal account to transfer funds, while debit and credit card options available through Xoom.
Based on the receiver country, the users can select various options ranging from deposit money to a bank account, send cash for pick-up or have cash delivered directly to their recipient’s door.
The transfers of Xoom can be tracked quickly and easily through text updates, email notifications or directly from the mobile app and website.
Customers sending money abroad will get answers to their questions from customer support staff in English, French, Spanish, Italian, German, Filipino and Arabic.
PayPal CEO and president Dan Schulman said: “The way we move and manage our money has changed dramatically in the last few years. We have moved beyond the days when the only option for sending money abroad was to queue at a counter for hours.
“Even in 2019, it still takes too long to get money from European countries to a loved one in another country. We know how important these money transfers are in the lives of millions of people, and how crucial it is that money arrives swiftly so it can be used for things that matter.
“With Xoom, someone with a smartphone on a bus in London, Paris or Berlin can send money that can be accessed quickly in Mumbai, Lagos or Nairobi to pay for a family member’s medical emergency or urgent financial needs.”