Xoom and PayPal will start collaborating and offering clients an easier money transfer program.
Xoom, which is the remittance platform owned by PayPal, has announced on Thursday that it will be bringing two new important updates to its systems. The key changes should help the remittance platform attract more customers for its services and away from digital-based players.
The legacy players have been attracting attention and clients due to their possibility of offering faster, easier to perform transfers coupled with smaller fees.
The two features which should help Xoom advance in the area refer both to itself and to its mother-company, PayPal.
Up until now, Xoom and PayPal have been functioning as separate services but that will change as the two platforms will start collaborating.
From now on, any user who will utilize PayPal in order to send cross-border sums will be redirected to the website or app variants of Xoom. From here, the users can utilize their PayPal accounts and data so as to send the money sums using the already defined options of the account.
This would allow the 79 million PayPal users an easier access to the Xoom platform, and could also increase the latter’s active market role and user base.
The fact that the remittance system would now resemble the P2P (peer-to-peer) mobile transfer could also contribute to the bringing of new clients, as they are interested in using the respective functionality.
The second key new feature that will be introduced besides the Xoom and PayPal collaboration will be marked by the remittance platform’s request option.
Remittance transactions would usually have the sender enter all the required recipient information before accepting the transaction.
Xoom’s new options will allow its recipient users to fill in their pickup and financial information and then “request” that the money be sent to the already registered information.
The platform will now offer its users the chance to request the money transfers and also bill and top-up payments. The last two are increasingly more used options on the remittance platforms and market.
As this could help reduce the number of failed transactions, it could also help users that are hesitant to request money in order to finalize a send transaction.
The new Xoom and PayPal relation, as well as its new feature, could potentially help Xoom become one of the most important players in the remittance market as they could increase its number of users and develop its own network.
Image Source: Pixabay