Dec. 11, 2018
PayPal has launched its Xoom mobile and web-based international money transfer service to Canada, according to a press release.
The service allows customers to send money to more than 130 countries, using the funds to pay friends and family, make bill payments or reload phones, according to the release. Sending money through a digital service costs 3.93 percent, compared with typical remittance services, which cost about 7.45 percent.
PayPal noted in the release that the global remittance market is $600 billion, with $24 billion coming from Canadians. Canada has about 7.5 million foreign born people living there from about 200 different countries.
The company cited statistics from the World Bank showing China, India and the Philippines as the top three remittance countries in the world.
Topics: Mobile Payments, Money Transfer / P2P, Region: Americas, Region: APAC
Companies: PayPal
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