Xoom partners Visa for cross-border remittance solution

As detailed in the press release, Xoom’s Debit Card Deposit feature, which is enabled by Visa Direct, gives customers the option to send money directly to their friends and family’s eligible Visa debit cards, allowing remittance receivers to access the funds in an easy, secure, and real-time manner.

Xoom’s cross-border solution and capabilities

First launched in the US in 2020 for domestic money transfers, Xoom’s Debit Card Deposit feature cross-border expansion is believed to help increase the ability of international recipients to access funds sent from friends and family in the US in a quick and simple manner. 

When talking about sending bank remittances, wire transfers are a common method for doing so, however they can take up to five business days, or longer to complete, especially in the case of cross-border transfers. Following the implementation of this functionality, Xoom enables recipients to have access and use those funds in a matter of minutes however needed, be it for paying bills or buying groceries, by leveraging their eligible debit card.

As of now, Xoom’s Debit Card Deposit feature is available in the following markets: Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, The UK, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam. As per information provided in the announcement, roll-out into additional markets is set to take place throughout 2023.

PayPal representatives have stated in the press release that their customers have a need for getting funds quickly and easily, predominantly throughout the winter and holiday season when they send money around the globe. Having this knowledge at its basis, the company believes that the expansion done in partnership with Visa will help an increased number of customers all over the world get access to the necessary funds needed for everyday essentials. 

Visa officials added that there is a constantly growing need for digital solutions that help remove barriers for those seeking to send money across borders.  Furthermore, they believe that through this extended partnership, Xoom’s solution will help enhance cross-border money movement through the real-time payment capabilities provided via Visa Direct. 

Xoom enables customer to send money by either downloading the Xoom or PayPal mobile app, or by accessing Xoom.com or PayPal.com. Activating in the digital remittances space, Xoom allows users to send money, pay bills, and reload phones in more than 160 markets over the globe. Both PayPal and Xoom provide payment options for customers to send money across borders either online or by leveraging a mobile device, having the goal of improving the financial health of millions of customers throughout the world.