Partnerships / Acquisitions

Xoom, OXXO Pair On Money Transfer In Mexico

Xoom, PayPal’s international money transfer service, has announced a partnership with TransNetwork, which allows its U.S. customers to send money to loved ones in Mexico and pick up orders at any OXXO location in the country.

Xoom is the first online-only remittance player to partner with Mexico’s largest chain of convenience stores. The deal will add more than 17,000 cash pick-up locations, as well as allow recipients to choose from more than 35,000 locations in the country.

“We’re thrilled to be the first online-only remittance provider to partner with OXXO,” said Julian King, Xoom’s vice president and general manager, in a press release. “With this partnership, Xoom is furthering its mission to empower customers with the technology to send international money transfers quickly and securely, so they can enjoy peace of mind knowing their loved ones have fast and convenient access to their funds.”

For many living around the world, receiving cash from family members in the U.S. is a lifeline used to pay for necessities like utility bills, healthcare, education costs and emergencies. Particularly in Mexico, data shows that roughly 90 percent of Mexico’s population prefers to make payments using cash.

However, sending money across borders isn’t easy: There are loads of paperwork, high fees, standing in line and the stress of wondering when the money will arrive. This partnership allows customers to seamlessly send money across borders by going online or using a mobile device.

Asensio Carrión, director of financial and electronic services at OXXO, said, “The remittance service at OXXO is strengthened thanks to the alliance with Xoom and TransNetwork, with which we reaffirm our commitment with our customers by offering more options for the collection of remittances — and, thus, contribute positively to the economic and social development of Mexico, especially in those states where these remittances are a large source of income.”

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