Xoom Expands Digital Remittances Offering in Asia
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.