I’m excited to share today that Xoom, a leading digital money transfer provider acquired by PayPal last year, has expanded to 11 countries, with two more coming soon. This means that Xoom’s services will be available in a total of 53 countries. The 13 new receive countries will include Cyprus, Estonia, Finland, Ghana, Haiti, Kenya, Nepal, Nigeria, Lithuania, Luxembourg, Malta, Slovakia and Slovenia.
With this expansion, Xoom users will be able to send money from the U.S. to M-Pesa™ accounts in Kenya, in addition to services like cash pick-up and mobile reload in Haiti and Nepal, and bank deposits in Cyprus, Estonia, Finland, Ghana, Nepal, Nigeria, Lithuania, Luxembourg, Malta, Slovakia and Slovenia. We are working with some of the world’s leading financial services and mobile wallets including Barclays in Europe, C.A.M. and UniTransfer in Haiti, Bank of Everest in Nepal, and M-Pesa in Kenya to make our services available in these countries.
This geographic expansion speaks to the appetite people across the world have for better remittance options. Remittances are a significant contributor to the economic development of many countries. In markets such as Nepal, remittances represent as much as 25 percent of the country’s GDP. When Xoom enters a new market, we have a history of using technology to help bring remittances costs down, improve customer service and increase the speed and convenience of money transfers. In fact, the World Bank recently published numbers that people sending money from the U.S. to three of Xoom’s largest markets – India, Mexico and the Philippines – have saved $1.2 billion annually in remittances costs between 2008 and 2015. We know that more consumer choice, and digital and mobile technologies have helped to make these savings possible.
Together, PayPal and Xoom are helping to expand and improve financial participation and financial health for billions of people worldwide. We’re providing seamless, secure options for loved ones to send friends and family money for things like utility bills, education and healthcare costs and more. We continue to be committed to making the management and movement of money better, easier and more affordable for people across the world.
Remittances play an important part in developing a country’s economic systems, individual households, and businesses. According to the World Bank, global remittances are expected to reach $586 billion in 2016, up from $440 billion in 2015.
This is a huge opportunity to continue to democratize the management and movement of money, and we are making every effort to support development in various markets. Our recent expansions in Singapore, Pakistan and the Philippines are a testament to use the power of technology to help expand and improve financial participation and financial health for billions of people worldwide.
Our new Mobile Recharge capabilities in Singapore augments Xoom’s traditional bank-to-bank transfer service with a very convenient, secure and inexpensive way for customers to provide additional support to their loved ones. It enables customers to instantly send airtime credit (recharge) online from the U.S. to prepaid mobile phones from three of the largest providers in Singapore – M1, SingTel and StarHub. Xoom customers can recharge their families’ phones in seconds for only 99 cents per reload.
In Pakistan, consumers can now send money to National Bank of Pakistan (NBP) accounts from the U.S. quickly, securely, and affordably. Deposits to NBP accounts will arrive the same day when sent Monday through Friday by 4:30 p.m. PKT. Transactions sent outside of that timeframe will arrive the next business day. The addition of NBP expands Xoom’s service in Pakistan to 25 banks, including major banks such as Habib Bank Limited (HBL), Muslim Commercial Bank (MCB), United Bank Limited (UBL), and Bank Alfalah.
Finally, with the introduction of Bill Pay to the Philippines, more than 1.8 million Filipinos based in the United States can now instantly pay the Smart and PLDT postpaid mobile phone bills of their loved ones in the Philippines online through our pioneering partnership between PayMaya Philippines (formerly Smart e-Money,Inc.). We also recently launched instant deposit service to all RCBC accounts in the Philippines, which means customers are assured that their loved ones will receive their money without waiting or having to worry about cut-off times.
We are redefining the vision of remittances, and Asia and Southeast Asia are very important markets for us. As part of the PayPal family, these expansions are just one of the many steps we will be taking in making the movement of money faster, easier, more secure and less expensive.
Julian King, CMO at Xoom
At Xoom, our customers are at the center of everything we do. That’s why we’re thrilled to be launching our first global advertising campaign called, All Stars 1.0, since joining the PayPal family last Fall. The multicultural advertising campaign reflects the way Xoom helps our customers – primarily U.S. immigrants – send money back home to the people they love most.
All Stars 1.0 was customized across 10 markets – the Philippines, Haiti, Guyana, Mexico, Brazil, Jamaica, United Kingdom, China, Vietnam and South Asia —in 10 languages to create a total of 20 spots. The message is the same across all of the countries and regions: send money from anywhere with your mobile phone in just seconds. However, the talent and the language were tailored to each market.
You can see what I mean by viewing the first ad series, Workplace, launching this week.
The campaign was created based on significant customer research and global insights. Some of the key findings that influenced the ad include:
- Sending Money at Work. Many of Xoom’s customers primarily access the Internet through their mobile phones and are often sending money while they are on their lunch break or between tasks at work. In many instances, these occupations such as medicine, hospitality and construction don’t allow them to sit at a computer all day, or leave work to spend hours waiting in line. To reflect these customer insights, we showed people in all of these occupations in the Workplace ads, and how conveniently they can transfer money in seconds at the swipe of a button.
- Peace of Mind. One of the biggest pain points for Xoom’s primary users—immigrants in the United States sending to their families back home—is that they want peace of mind that their money will reach their families and friends securely and quickly. The ads highlight Xoom’s text alerts feature, which sends consumers and SMS when the money has arrived. Additionally, customer service is available by phone 24 hours a day to guide users step-by-step.
- Transfers On-the-Go. Our customers say that in the U.S. they live very busy lives. Sending money while on-the-go and using waiting periods, such as time spent on the bus, to send money helps them save time to do other important things throughout the day. Our Timestamp series, the second set of ads in this campaign scheduled to launch later this year, highlights instances like these. While shopping at the grocery store, waiting at the drive thru, or going to the dry cleaner are other typical scenarios that all people can identify with and can be used to send money.
These ads are just the beginning of a mission to start a larger conversation about the future of money. The campaign attempts to shift perceptions of remittances as time consuming and inconvenient while emphasizing the value that digital remittances can bring to people’s daily lives.
SAN JOSE, Calif. & SAN FRANCISCO – PayPal, Inc. (NASDAQ:PYPL) and Xoom Corporation (NASDAQ:XOOM) today announced that PayPal has completed its previously announced acquisition of Xoom. In accordance with the terms of the acquisition agreement announced on July 1, 2015, PayPal acquired all of the outstanding shares of Xoom for $25 per share in cash.
Xoom will operate as a separate service within PayPal under the continued leadership of John Kunze, who has joined PayPal’s executive staff and will report to PayPal CEO Dan Schulman.
Xoom is a secure, fast and affordable way to send money to, and pay bills for, family and friends around the world, using a mobile phone, tablet or computer. With Xoom, PayPal has access to 1.5 million active U.S. customers that sent approximately $7.1 billion in the 12 months ending on September 30, 2015 to people in 40 countries such as Mexico, India, the Philippines, China and Brazil. Beyond its global reach, Xoom has a loyal, mobile-savvy customer base, with 97 percent of its payment volume coming from repeat users and 60 percent of its active users on mobile.
PayPal and Xoom are well-positioned to democratize the management and movement of money. By combining PayPal’s global scale with Xoom’s capabilities, the companies plan to create simpler, more secure and faster ways for more people to send and access their money. Through this acquisition, Xoom will help accelerate PayPal’s entrance into the international remittances market, while PayPal will help expand Xoom’s services to more people in more places around the globe.
PayPal also announced that there will be no changes to its full year 2015 guidance issued on October 28, 2015 based on the acquisition. As previously announced, for full year 2016, PayPal expects the acquisition to be slightly dilutive to its non-GAAP earnings per share.
At PayPal (Nasdaq: PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution, last year we processed 4 billion payments, of which 1 billion were made on mobile devices. PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid. With our 173 million active customer accounts, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. For more information on PayPal, visit about.paypal-corp.com. For PYPL financial information visit investor.paypal-corp.com.
Xoom is a leading digital money transfer provider that enables consumers to send money, pay bills and send prepaid mobile phone reloads for family and friends around the world in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended September 30, 2015, Xoom’s 1.5 million active customers sent approximately $7.1 billion with Xoom. The company is headquartered in San Francisco and can be found online at Xoom.com.
Senior Director, Investor Relations
Martha Cass, 416-860-6213
Director, Corporate Communications
Even if you happen to live in one of the cities where there is an abundance of mass public transit, it’s still not all that easy to get around. We tend to depend on our cars, at least a lot of us do. Having the key to your automobile jangling around in your pocket or your purse provides a tangible sense of freedom that comes in handy in a lot of ways.
If you have a garage, a carport or a convenient place to park, then having a car makes even more sense. Yes, an automobile is a financial commitment when you start figuring in all the costs that go with owning one . . . or two, or three.
Xoom decided to look into the car ownership situation. A leading digital money transfer provider, Xoom conducted a survey of some of its Fil-Am customers and asked this question: How many automobiles do you own?
What would you guess the most mentioned answer to be? An even 40 percent of the respondents said they owned one car, but almost as many, 35 percent, said they owned two or three cars. And seven percent of those who took part in the survey said they owned four or five cars while two percent said they owned six or more cars.
Xoom Customers Can Conveniently, Safely and Economically Send Money to Loved Ones in Singapore
SAN FRANCISCO–(BUSINESS WIRE)– Xoom Corporation (NASDAQ:XOOM), a leading digital money transfer provider, announced today the launch of its money transfer service to Singapore. Xoom customers can now send money online to bank accounts in Singapore via their U.S. bank accounts, credit cards or debit cards. Money can be sent to 10 local banks in Singapore, including DBS, POSB, UOB, OCBC and Standard Chartered Bank, and deposited into the recipient’s account.
“We are so excited to offer our money transfer services to customers with family and friends in Singapore,” said Iain Allison, Vice President of Business Development at Xoom. “We look forward to delivering convenient, safe, and economic service to the Singapore market. Our friends from Singapore will experience the most caring and responsive customer service anywhere 24/7/365, with live customer service representatives ready to take their calls any time of day or night. Plus, our service is absolutely risk-free – your money arrives or Xoom offers a money-back guarantee.”
When paying with a bank account, Xoom customers can send up to US$2,999 to Singapore for just US$4.99. Money can be sent via computers, tablets, or mobile phones. Customers can download Xoom’s app for Android and iOS mobile devices for free and, with Xoom’s convenient StatusTrack feature, senders and recipients both receive SMS text messages with real-time updates on the status of the transfer. The Xoom mobile app also offers Apple’s ground-breaking Touch ID technology, which enables customers to use their fingerprint data to sign in to the Xoom application on the iPhone 5s, 6 and 6 Plus.
Visit Xoom.com/singapore for more information.
Xoom is a leading digital money transfer provider that enables consumers to send money, pay bills, and send prepaid mobile phone reloads for family and friends around the world in a secure, fast, and cost-effective way, using their mobile phone, tablet, or computer. During the 12 months ended June 30, 2015, Xoom’s more than 1.4 million active customers sent approximately $6.9 billion via the Xoom platform. The company is headquartered in San Francisco and can be found online at Xoom.com.
We’re living a fast-paced lifestyle so much of the time these days that it’s sometimes difficult to know what the new technology offers. Or how to make it work. Or what to do with it.
Payments and tech is one area that’s really taking off. It used to be that paying for products or services with cash or a check was the only option. But that was before the advent of credit cards. Now, many of us are holding on for the next way to pay. It’s already here. It’s your mobile device. Banks, start-ups, regulators and mobile service providers are all working together to integrate mobile payments into our everyday lives by having a debit or credit card on every mobile carrier.
It’s called a mobile wallet. Xoom, a leading digital money transfer provider, thought it would be useful to find out more, so Xoom conducted an exclusive survey of some of its Fil-Am clients and asked each one if they have a mobile wallet.
As it turns out, only 17 percent of the respondents said that they do have a mobile wallet, while 59 percent answered that no, they do not. And then 24 percent said they don’t know what a mobile wallet is.
There’s nothing quite like going to the movies – especially in the summer – to put yourself into, well, another place. It’s not like being at work, it’s not like being at home, it’s a completely different experience where you find it far easier to put your cares and worries away and just let it all go for a short while.
And it’s clear that the menu of movies to choose from has something for just about everyone. Action, comedy, romance, drama, cartoon, documentary, you can find it at the movies… along with candy and soda, of course. So while so many of us sit back and relax and get ready to be entertained, Xoom thought it would be fun to take a deeper look at the movies.
The largest percentage of those who answered the survey, 37 percent, said they go to the movies every few months while 21 percent said only once a year. But 14 percent said they go to the movies a few times a month, 12 percent answered once a month and 11 percent said they never go to the movies. Meanwhile, 5 percent said they go the movies once a week.