Xoom enables partners to speed up cross-border payments using PayPal USD

Last updated: November 20, 2024 8:55 am

By bexib 3 Min Read

PayPal announced that its payment partners can now use PayPal USD (PYUSD) to settle cross-border remittances via its digital money transfer platform, Xoom.

Xoom, a PayPal service, provides digital money transfer services in over 160 countries, giving users a convenient platform to send money, pay bills, and reload their phones.

The move aims to reduce the cost and speed up international remittances by leveraging blockchain technology.

Cebuana Lhuillier in the Philippines and Yellow Card in Africa will be the first Xoom partners to integrate PYUSD, strengthening financial inclusion in these regions.

Philippine microfinance service provider Cebuana Lhuillier brings an extensive network of 3,500 branches and 25,000 partner agents to the partnership.

Through 18 years of collaboration with paypalthe company will now be able to offer faster and more cost-effective remittance services to Filipinos around the world, especially across the Asia-Pacific region.

“With PayPal’s payment services, extensive rail connections with PDAX and Philippine banks, and a vast network of physical touchpoints, we are able to serve last-mile regions that need support.

With this upcoming collaboration, we will continue to promote financial inclusion and help more Filipinos. ”

Jean-Henri Lhuillier, President and CEO of Cebuana Lhuillier, said:

Yellowcard, Africa’s largest licensed stablecoin on/off ramp fintech, also plans to leverage PYUSD to facilitate transactions.

The integration with Xoom will enable PayPal customers to efficiently transfer funds to bank accounts and mobile money services in Africa.

Chris Morris, CEO of Yellow Card, highlighted the transformative potential of stablecoin-based payment rails in optimizing cross-border transactions.

This initiative builds on PayPal’s previous efforts decision Allows Xoom users in the US to fund fiat transfers abroad using PYUSD with no transaction fees.

PayPal USD issued by Paxos Trust Company is fully backed by U.S. dollar reserves, government bonds, and cash equivalents.

It can be accessed via PayPal and Venmo at a fixed rate of 1 USD per PYUSD.

Jose Fernandez da Ponte

“Cross-border trade is a key driver of economic growth and prosperity in developing countries.

This move will enable Xoom and its partners Cebuana Lhuillier and Yellow Card to leverage PayPal’s payment technology and blockchain to further enable seamless cross-border remittances. . ”