Trends
PayPal’s Xoom expands with stablecoin payments
What happened PayPal announced on Tuesday (November 19) that it will enable payment partners to settle cross-border remittances on Xoom using PayPal USD (PYUSD). Cebuana Lhuillier and Yellow Card are the first Xoom partners to adopt PYUSD, leveraging blockchain technology for faster, lower-cost tran…
Headline
What happened PayPal announced on Tuesday (November 19) that it will enable payment partners to settle cross-border remittances on Xoom using PayPal USD (PYUSD). Cebuana Lhuillier and Yellow Card are the first Xoom partners to adopt PYUSD, leveraging blockchain technology for…
Context
PayPal announced on Tuesday (November 19) that it will enable payment partners to settle cross-border remittances on Xoom using PayPal USD ( PYUSD ). Cebuana Lhuillier and Yellow Card are the first Xoom partners to adopt PYUSD, leveraging blockchain technology for faster, lower-cost transactions. These upcoming integrations aim to promote financial inclusion by providing broader digital financial solutions in the Asia-Pacific and African regions. Additionally, PayPal will enable cross-border settlement transactions beyond traditional banking hours. This new service is designed to revolutionize international remittances, allowing users to send funds more efficiently to over 160 countries. Compared to traditional methods, the integration leverages blockchain technology to ensure faster transaction speeds and lower costs.
Evidence
Pending intelligence enrichment.
Analysis
Jose Fernandez da Ponte , PayPal’s SVP of Blockchain, said: “Cross-border transactions are a vital driver of economic growth and prosperity in developing nations. Through this initiative, Xoom and its partners, such as Cebuana Lhuillier and Yellow Card, can leverage PayPal’s payment technology and blockchain to further enable seamless cross-border remittances.” Also read: PayPal targets in-person payments with Apple Pay integration Also read: PayPal enables U.S. merchants to buy and sell cryptocurrency PayPal’s Xoom initiative reflects the growing adoption of stablecoins in international finance. The remittance market, estimated at over $800 billion annually, faces high fees and slow processing, especially for underserved communities. By leveraging blockchain, Xoom offers a solution to these challenges, setting a new standard for efficiency and cost-effectiveness. For example, small fintech companies like RippleNet have gained traction for their blockchain-based remittance services, demonstrating demand for such innovations. Xoom’s integration with trusted local partners further bridges financial gaps.
Key Points
- Xoom introduces stablecoin-enabled cross-border payments in over 160 countries
- Partnerships with Cebuana Lhuillier and Yellow Card aim to boost financial inclusion
Actions
Pending intelligence enrichment.
