PayPal on Thursday (Nov. 19) unveiled a major upgrade to Xoom, enabling customers across the United States to use the mobile payments app to send money straight to the bank account of a family member, friend or another recipient.
The move by the payments giant to enhance its digital game comes as the coronavirus pandemic has transformed the typically ordinary process of standing in line at a money transfer store into a potential health hazard.
More than a third of Xoom users across the U.S. already use the digital payments service at least once a month to send money to family members and other people, according to PayPal.
In order to send money through Xoom, users will now only need the debit card or bank account number of their friend or family member. Recipients, in turn, won’t need to sign up for a Xoom or PayPal account or complete any other paperwork in order to receive the funds, PayPal said in a press release.
By giving more power to Xoom customers to transfer money in the U.S., PayPal is hoping to build on its mobile payments app’s global business model, with Xoom currently used in 160 countries to send money, pay bills and reload phones, the company stated.
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“As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical,” said Julian King, vice president and general manager of Xoom, in the press release. “Whether it’s to provide financial help to someone who has lost their job or to help pitch in to pay bills, we’re introducing an easy and secure way for our customers to support their family and friends by sending money directly to their recipient’s eligible bank account or debit cards in the United States.”
