- Xoom offers cheaper payment services and is alleged to be more convenient than sending crypto.
- The app offers next day money transfers costing $4 in Europe and $9 in countries further afield.
PayPal has introduced its own mobile payments app Xoom across Europe to provide quicker and cost-effective international transfers. The app, which has been called the “Ripple Killer,” will enable people based in 32 European countries to send money to users in over 130 countries across the globe. However, if those recipients fall outside the 30-odd countries, then they will not be able to send money back.
Xoom has integrated with major banks and financial institutions to facilitate the money transfers, with a maximum limit of £8,800 pounds ($11,029) per transaction. The app also offers next-day money transfers at fees that are lower than its main platform, PayPal. As per their website, transfers on Xoom cost $4 in Europe and $9 to countries further afield.
This launch brings PayPal on par with other international money remittance services such as TransferWise and MoneyGram. It also sets Xoom against blockchain-based competitors like Ripple. However, if Xoom is planning to outgrow Ripple, it will have to speed things up and drop the price significantly.