PayPal fires up “Ripple-killer” Xoom app for international payments
PayPal has launched its mobile payments app Xoom across Europe to provide faster and cheaper international transfers.
Xoom will let residents of 32 European countries send money to people in more than 130 countries worldwide, but if those recipients fall outside the 30-odd countries they can't send money back.
Xoom has partnered with major banks and other finance firms to facilitate the money transfers, with customers able to transfer up to £8,800 pounds ($11,029) per transaction.
Paypal hopes the new offering with make it cheaper than traditional payment services and more convenient than sending crypto.