PayPal Xoom Offers Debit Card Deposit Cross-Border Remittance

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The international money transfer service Xoom, which is owned and operated by the financial technology company PayPal, has introduced a new offering that enables customers in the United States to send money straight to users of Visa debit cards.

A recent release made by PayPal indicated a partnership between Xoom and the financial services company Visa. This partnership makes it possible for debit card customers to receive payments straight from Xoom.

There are now 25 nations that support the functionality, some of which include the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam. Users no longer have to wait the standard amount of time for wire transfers, which is five business days, since a recently introduced feature now makes it possible for them to have access to their money in a matter of minutes.

According to Wei-Lin Lee, vice president of remittances at PayPal, the new service has the potential to assist individuals throughout the winter and during the holidays. Lee noted that during those times, many customers were transferring money to their friends and family located in other countries, and that this process needed to be completed as rapidly as possible.

Yanilsa Gonzalez-Ore, the CEO of Visa Direct North America, observed that there has been a rise in demand for “digital solutions that assist eliminate hurdles” among those who want to transfer money to other countries.

In the meanwhile, PayPal has become more comprehensive in its coverage of all aspects of financial transactions. In improving its product offerings in international financial transactions, the firm has now begun accepting cryptocurrencies as payment.

In 2018, the company launched the pilot program for its cross-border payments, which resulted in considerable time and cost savings for participating institutions.

In the year 2022, the business began enabling native transfers of digital assets from PayPal to other wallets and exchanges that were hosted on third-party platforms. Cross-border payments for companies are often connected with Ripple within the crypto space. Ripple is the company that is behind the XRP coin, which is now at the center of an ongoing court case.


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Ripple to Launch Payment Corridor in Kuwait while Continuing to Seek CBDC Opportunities for XRP

Kuwait Finance House (KFH) becomes the first bank in Kuwait to leverage Ripple’s services to settle cross-border payments.

FKH, which is one of the oldest banks in the country, has launched an instant cross-border payment corridor that will facilitate transactions with Turkey. As KFH seeks to move forward with their digital transformation strategy, RippleNet services will enable them to do just that – provide an enhanced customer experience. KFH will be the first Kuwaiti bank to join RippleNet’s networks, something the General Manager at KFH, Khaled Yousif Alshamlan, had proudly announced.

The remittance services from KFH to Turkey’s FKH branches will be free of charge for the bank’s customers. Real-time, reliable payments will be enabled with RippleNet’s network and the service will be made available 24/7.

Khaled Yousif Alshamlan asserted:

“Financial institutions can send payments anywhere instantly, reliably and cost-effectively by joining Ripple’s growing, global network. The service facilitates customers’ cross-border payment methods through trusted global banks network, maximizing the role of blockchain instant payment in providing best service as per highest quality standards.”

RippleNet is the digital network created by Ripple that banks and other financial institutions can join to facilitate communication and payments with one another. RippleNet uses distributed ledger technology to provide financial solutions for institutions and is run by validators who ensure that each transaction follows the Ripple Transaction Protocol (RTXP).

Ripple looks to further CBDC innovation

The frenzy caused by the Securities and Exchange Commission (SEC) lawsuit has not discouraged Ripple from seeking partnerships with banking institutions. It seems as though business has gone on as usual for the fintech firm, with CEO Brad Garlinghouse disclosing that Ripple had signed 15 new customers since the lawsuit it gained last month.

Although Ripple is currently being pursued for unregistered XRP sales in the US, with the SEC alleging that XRP should be classified as a security rather than a cryptocurrency, Ripple’s operations in the Asia Pacific region have continued to excel.

Additionally, Ripple had disclosed that it was looking to partner with central banks for central bank digital currency (CBDC) issuance. Globally, many banks have looked to release their own digital currencies in line with the increased demand for digital payments triggered by the pandemic.

With the XRP Ledger, Garlinghouse explained that XRP could be leveraged as a direct bridge currency and a means of exchange for CBDCs. Although tainted by the SEC’s allegations in the US, XRP continues to thrive in other regions such as Japan and the UK, where the token is classified more as a crypto asset and an exchange token respectively.

Image source: Shutterstock


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