By Julian King, Xoom General Manager
November 21, 2017
This month marks the two-year anniversary of Xoom being acquired by PayPal. When we announced the acquisition, we set out to accomplish our shared goal of democratizing the management and movement of money for people globally by combining PayPal’s global scale and Xoom’s digital remittance capabilities.
We’re pleased to share that in the two years since Xoom was acquired, the service’s active users have increased by more than 30 percent and those users are more engaged. Xoom’s transactions per month are up more than 50 percent.
Xoom also continues to maintain its leadership in mobile. Today, approximately three-quarters of Xoom’s transactions are on mobile devices. Xoom also continues to see traction in its bill pay service, whose usage has doubled in the last two years.
These are incredible milestones that signify Xoom’s scale and impact. They also represent the hard work of the Xoom team over the last 16 years, as well as our growth in the last two years with PayPal. While there is a lot that we can attribute to our growth, there are a few accomplishments in particular that stand out:
- Over the past two years, we’ve expanded Xoom’s presence into nearly 30 new receive markets. Prior to the acquisition, Xoom was in 40 receive markets, and today, Xoom serves 67 markets.
- We also successfully integrated Xoom’s international money transfer services into PayPal to make it easier than ever for PayPal users to send money to loved ones outside of the U.S.
- Last year, Xoom began to allow recipients to request the sending of funds, allowing remittances to become a two-way interaction between senders and receivers.
- In August, we increased the sending limits for international money transfers to certain countries like India, Canada, Australia and the UK, allowing Xoom customers to send up to $10,000 USD for bank deposit. With that change, we offer even better exchange rates when sending higher amounts, so our customers don’t have to compromise between speed and lower exchange rates.
At Xoom, we see these milestones as much more than just transactions. Each transaction represents a life that we have collectively helped: put food on the table, school fees paid, running water and phone services enabled, medicine paid for and much more. We are all so proud to work in a business where we can impact so many lives.
As we look ahead, we’re excited by what Xoom and PayPal can achieve together, due to our shared vision of financial inclusion for all. As we shared earlier this year, there are still millions of people who can be helped by fast, affordable and reliable services to send and receive money. Together with PayPal, Xoom has been steadfast in our commitment to making international remittances faster, more affordable, and more reliable.
Expanded partnership with Sonali Bank Limited Provides Faster Bank Deposits to Bangladesh
By Julian King, Vice President & GM, Xoom
Today, we’re excited to share that Xoom, PayPal’s digital money transfer service, has expanded its Bangladesh service to include Sonali Bank Limited. Through this partnership, our customers can now enjoy faster bank deposits to Sonali Bank customers when sending during Bangladesh banking hours.
Before today, a typical bank deposit to Bangladesh could take days before reaching its final recipient, making the process inconvenient and sometimes stressful for senders and receivers in need of a quick solution. Through this partnership with Sonali Bank Limited, we’re able to better serve the community and Sonali Bank customers by eliminating the long wait time for Bangladeshi money senders in the U.S., as well as their receivers back home.
Xoom service to Bangladesh has been live since November 2015 and is now available to most banks in the country. With the addition of Sonali Bank Limited, we currently provide service to 54 banks in Bangladesh and are thrilled to deliver even faster service to Bangladeshis through this partnership.
In addition to fast service and affordable fees, Bangladeshis in the U.S. can now send up to $10,000 USD to family and friends from their computer, tablet or mobile device through Xoom1.
While Xoom senders can log in to their account using their PayPal credentials, we want to clarify that the Xoom service is a standalone service of PayPal and we are not offering additional PayPal services in Bangladesh at this time. Xoom’s integration with PayPal is focused on making it easy for Xoom’s senders in the U.S. to easily access their bank accounts, credit and debit cards to send money abroad.
1 May not be available for all transactions. Transaction amounts depend on various factors, including but not limited to approval by the Xoom proprietary anti-fraud verification system, disbursement method, recipient country, and partner processing limits.
By Julian King, Vice President and General Manager of Xoom
As anyone who’s tried to send higher dollar amounts overseas would know, the process can be extremely slow and inconvenient. It can take several days for your hard-earned cash to be cleared, and if you want to send the money faster, you often have to pay higher exchange rates. In addition, the identification process can be cumbersome and time-consuming. In today’s mobile and digital age, we can make it easier, faster and more convenient for people to send higher amounts of money overseas to their loved ones.
That’s why starting today, Xoom, PayPal’s digital money transfer service, is announcing several updates aimed at making it much more swift to send large sums of money abroad:
- First, we are increasing the sending limits for international money transfers for certain countries, including India, United Kingdom, Canada, and Australia, allowing Xoom customers to send amounts of up to $10,000 USD for bank deposits, and we’ll continue to expand this service over the next few months.
- Second, we know how much every cent of currency matters when you’re sending money abroad. That’s why we’re starting to offer even better exchange rates when sending high amounts, which means more of your hard earned money is sent to your loved ones.
- Finally, we are making our user verification process quicker and more seamless starting with real-time social security verification.
Whether it’s money sent to make a payment on your student loans, a mortgage, or pay off an emergency medical expense, Xoom can often deliver your funds many times faster than competitors to some countries, such as India and the UK, thanks to our proprietary risk management system.
We strongly believe in leveraging technology to build digital solutions that help make the movement and management of money easier and more affordable for people. As we shared earlier this year, we recently published a research paper that found sending money overseas through a digital service like Xoom/PayPal costs nearly half (3.93%) of the amount sent compared to the average cost of traditional remittances services (7.45%). Check out this video to learn more about Xoom and how digital technology have helped lower remittance costs by nearly one-half.
We look forward to introducing easier, faster and more convenient ways to send money. Stay tuned for more updates.
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
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.
How do we say thank you to our mothers? Probably the best way is to simply say it, then hug her and tell her you love her. But there are other ways to express your love for your mom, especially on her special day – and it’s coming up. Mother’s Day is May 10.
Sure, it’s customary to send gifts to moms on Mother’s Day, but what exactly does that include? The options are many. Xoom, a leading digital money transfer provider, thought it would be interesting to conduct a survey of its Fil-Am customers and find out what kind of gifts moms will receive on Mother’s Day.
The most popular choice in the survey was to send a gift of money, so 42 percent of the respondents said that’s what they would send their mother. And there’s no better quick, safe and convenient way than Xoom to send money back home to mom for Mother’s Day.
Some others answered the survey in a different way: 30 percent said their Mother’s Day gift would be to take her out to a restaurant. Mom is getting flowers for a gift from 25 percent who answered the survey and 20 percent said a Mother’s Day card is the gift they’re giving to their mom.
SAN FRANCISCO, CA, March 9, 2015 – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, now offers instant deposits to most banks in Pakistan via HBL. Pakistanis in the U.S. can now use Xoom to instantly send money to their loved one’s rupee account anytime, anywhere, using any device. Xoom’s instant service is available 24 hours a day, seven days a week, 365 days a year, including bank holidays.
Xoom has partnered with HBL, one of the the largest banks in Pakistan, to broaden its instant deposit service to most banks, including MCB Bank Limited, Allied Bank, Bank Alfalah, United Bank Limited (UBL), Standard Chartered Bank, and many more.
“When Xoom launched in 2001, our mission was to make international money transfers faster, easier, and more transparent,” said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom. “Now, by expanding our instant deposit service to most banks throughout Pakistan, we’ve delivered on that promise to even more customers.”
Speaking at the launch ceremony, Mr. Hassan Raza, Group Head – Structured Credits & Global Remittance Business of HBL said, “I am delighted to announce HBL’s partnership with Xoom Corporation, where we are providing remittance services with instant credit to account holders of HBL and other banks in Pakistan. This is yet another milestone for HBL. We will continue to deliver the promise of providing HBL customers the ease and convenience of remitting money from US to their loved ones back in Pakistan.”
Xoom customers sending money to Pakistan can rely on secure, convenient, and cost-effective money transfers every day of the year – including bank holidays. When paying with their bank account, customers can send up to $1,000 for just $4.99, and transfers are fee-free for transactions over $1,000. They can also send money on the go with Xoom’s app for Android and iOS mobile devices. Visit Xoom.com/Pakistan for more information.
Xoom is a leading digital money transfer provider that enables consumers to send money and pay bills 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 December 31, 2014, Xoom’s more than 1.2 million active customers sent approximately $6.9 billion with Xoom. The company is headquartered in San Francisco and can be found online atXoom.com.
As Pakistan’s worldwide bank, HBL offers banking solutions to customers in 29 countries spanning across four continents. Its tradition of personalized service and capacity to respond to customer needs makes HBL the largest bank in the country for cross-border trade and remittances.
Through a robust network of 1,547 branches across Pakistan, HBL pursues financial inclusion with vigor. Its 1400+ ATM’s nationwide offer unmatched convenience. The bank maintains the lead in providing solutions through alternate delivery channels.
HBL continues to expand its franchise and enhance its capacity through a balanced approach to capital preservation and growth. At HBL, banking is offered beyond borders.