Xoom, PayPal’s cross-border money transfer service, introduces a new money transfer option for U.S. customers. They can now send money abroad using USD converted from PayPal USD (PYUSD), a stablecoin, without incurring Xoom transaction fees. This meets the growing need for affordable international payments, emphasized by the World Bank’s Q3 2023 report.
Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at Paypal, said, “Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost.”
The process is straightforward: users select PYUSD as their funding source, and Xoom converts it to USD at no crypto sale fee, ensuring recipients receive funds in their chosen fiat currency. Notably, transactions not completed in USD are subject to a transaction exchange rate.
Xoom’s reputation as a digital remittance pioneer underscores its commitment to providing fast, reliable money transfer services to approximately 160 countries. This enhancement further solidifies its position as a go-to platform for global financial transactions.
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