Xoom, PayPal’s cross-border money transfer service, has added a new funding option for U.S. users. Users can now send money abroad using USD converted from PayPal USD (PYUSD), a stablecoin, without paying any Xoom transaction fees. This addresses the increased demand for affordable international payments, as highlighted by the World Bank’s Q3 2023 report.
According to Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at Paypal, “Enabling U.S. Xoom users to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencycurrencies while also offering an easy way to securely send money to friends and family at a lower cost.”
The method is simple: customers choose PYUSD as their funding source, and Xoom converts it to USD with no cryptocurrencycurrency sale fee, ensuring that receivers receive payments in their preferred fiat currency. Notably, transactions that do not end in USD are subject to a transaction exchange rate.
Xoom’s reputation as a digital remittance pioneer demonstrates its dedication to offering rapid, dependable money transfer services in nearly 160 countries. This upgrade strengthens its position as a preferred platform for global financial transactions.
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