The goal of PayPal to become an integral part of how consumers pay is taking another step as it introduced new features for its money transfer platform on Thursday. PayPal integrated a lot of new functions almost a year after it bought Xoom, a money-transfer company.
With a handful of Xoom's functions in PayPal money transfer, it is now easier for more than 87 million US users to transfer and send money and remittances abroad. However, the mobile app for this new update is still "coming soon" according to a report in CNET.
PayPal users from 10 countries including China, Brazil, India and Mexico can now send money overseas. These countries are in addition to the 190 regions and countries that already have money transfers by PayPal. PayPal users can now log in to Xoom using their PayPal login details.
Xoom is a digital money transfer or remittance provider typically used by U.S. immigrants to send money abroad including the Philippines, Mexico, India, Dominican Republic, and Colombia. This company usually competes with MoneyGram and Western Union.
Although these new features may not be considered as huge changes to the company, PayPal still strives to become a crucial part of people's transactions. PayPal has also entered into a partnership with Mastercard and Visa so that it will be easier for credit card holders to use PayPal according to a report in Business Insider,
Aside from that, the deals with these big financial corporations could allow PayPal users to use their accounts in stores. Budgeting tools are also in the works to help customers manage their finances. The growth of PayPal has been incredible due to its money transfer offers which appeal to those who regularly send money abroad. Coinciding with PayPal's announcement is Xoom also revealing its new features using PayPal.
