PayPal CEO,Dan Shulman, noted that the global remittances market sees about USD 600 billion transferred every year, but asserted that the archaic cash-based means by which that money is sent “can be time-consuming, insecure and expensive.”, mobileidworld cites.
Via the Xoom acquisition, PayPal is leveraging its global remittances by ushering it into the digital payments, at least in the area of technology and increasingly in the area of global infrastructure. “Money transfer is an industry ripe for disruption,” Shulman asserted, concluding “Making international remittances simpler, safer and more affordable is something PayPal is excited to do with our Xoom colleagues.”, the source cites.
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