For going to expand their services, US payment company PayPal has launched its money transfer service Xoom in Britain and 31 other countries.
Xoom allows customers to transfer money abroad to more than 130 markets internationally, including India, Pakistan, Nigeria, Kenya, Poland, and China.
PayPal said in a statement. “A Xoom account can be set up in a few easy steps via the Xoom iOS or Android app or Xoom.com. Existing PayPal customers can use their PayPal account to access Xoom's services, making it even quicker and easier to send money abroad.”
The company also said the rollout would help it grab market share in the $689 billion global remittances market, building on previous launches of the service in the United States and Canada.
Britons alone transfer over $26 billion in remittances overseas annually, many sending money to help family members pay bills.
Xoom partners with major banks and other finance firms to facilitate the money transfers, with customers able to transfer up to GBP 8,800 ($11,029) per transaction.