PayPal’s Xoom international money transfer service has launched a new service that enables customers in the US to send money directly to Visa debit card holders.
PayPal revealed that Xoom and financial services company Visa had formed a partnership that would enable debit card holders to receive money straight from Xoom. The Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam are just a few of the 25 nations where the feature is accessible.
Users no longer need to endure the usual five business days for wire transfers because of the recently introduced feature, which allows access to the funds in only a few minutes.
The new service may be beneficial to consumers over the winter and holiday seasons, according to Wei-Lin Lee, vice president of remittances at PayPal. Lee noted that during those times, a lot of clients were sending money to their friends and relatives around the globe, therefore this needed to be completed swiftly.
Yanilsa Gonzalez-Ore, the head of Visa Direct North America, noticed a rise in demand for online services that simplifies the process for individuals to send money abroad. The CEO is confident that the new approach will be advantageous in this situation.
