The first partners to adopt PYUSD for these transfers will be Cebuana Lhuillier and Yellow Card, marking a significant step in integrating blockchain technology into cross-border financial transactions. This move is expected to provide benefits such as lower costs and faster processing times for the involved partners.
The integration of PYUSD with Xoom's platform is aimed at increasing access to digital financial services in regions such as Asia-Pacific and Africa. In addition to the operational benefits, this development will allow PayPal to facilitate cross-border settlements outside of traditional banking hours.
Officials from PayPal emphasised the importance of cross-border transactions for economic development. They noted that by using PayPal’s payment technologies and blockchain capabilities, Xoom and its partners will be able to streamline and improve money transfers across borders.
Cebuana Lhuillier, a micro-financial services provider in the Philippines, will be among the first to implement this new solution. The company operates a network of 3,500 branches and 25,000 partner agent locations, enabling Filipinos abroad to send money to their home country.
Representatives from Cebuana Lhuillier pointed out that the integration of PayPal’s services with Cebuana's infrastructure will continue to drive financial inclusion and improve access to financial services for Filipinos, especially in remote areas.
Meanwhile, PayPal is extending its partnership with Yellow Card, a stablecoin on/off ramp in Africa. This builds on their previous collaboration from last year, where Yellow Card became the first fintech firm in Africa to list PYUSD. Yellow Card officials expressed enthusiasm about the partnership, stating that stablecoins like PYUSD are transforming the payments industry. Yellow Card will also offer PayPal users the ability to send funds across Africa, with payouts directed to local bank accounts or mobile money services.
These efforts are in line with PayPal's strategy to improve the speed and efficiency of cross-border transfers, following its earlier announcement that PYUSD would be available for US-based Xoom users to fund international transfers without transaction fees.
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