There have been several claims in recent months pertaining to the mainstream adoption of cryptocurrencies.
Many institutions and data analytics firms have revealed that the mainstream adoption of cryptocurrencies has been lowering.
They are claiming that due to the crypto market downtrend in 2022, several mainstream institutions have dialed back on their support for cryptocurrencies.
PayPal is standing behind the Crypto
Just when things look gloomy for the crypto industry in the mainstream sector, PayPal has come up with another bang. The online payment services platform has proven it is not going to leave the crypto industry’s side.
PayPal has announced yet another major product that is to increase the adoption rate of cryptocurrencies on a global scale.
Several countries from around the world are looking forward to adopting cryptocurrencies as a source of sending remittances to their home countries.
Therefore, PayPal has taken full advantage of these demands and sentiments launching a product that fulfills these desires.
PayPal Launches Xoom
PayPal has just announced that they have launched a new product, calling it Xoom. The particular product has been launched to act as an international money transfer service.
The digital payments giant has revealed that for now, the service has been made available for users based in the United States.
Using the service, users based in the United States can send funds to any user living in any part of the world. However, the condition is that the users receiving the funds must be Visa debit card owners.
The firm has confirmed that they have joined hands with Visa, another major payment services giant. Visa has been aiming higher when it comes to gaining prominence in the cryptocurrency industry.
It has partnered with several cryptocurrency firms and entities to provide more support to its investors and users. Now, Visa has formed a partnership with PayPal to achieve an even bigger goal.
The US-based users will no longer have to go through any kind of hassles when sending funds to people outside of the country.
They need to have a PayPal account or have access to Xoom before they can carry out the transfers. The condition is the recipients have ownership of a debit card by Visa.
Primary Expansion is to 25 Countries
PayPal has announced that its goal is to make the service available to all the countries in the world and they are already working on that.
For now, they have enabled the service for 25 countries, and countries such as Vietnam, Ukraine, Thailand, Sri Lanka, and the Philippines are among them.
Under normal circumstances, the people receiving the funds would need to wait for several days before the funds get cleared and reach their destination.
In most cases, the process may take up to 5 business days before the funds finally arrive at the desired location.
The traditional remittance process is somewhat cruel for those saving up every dollar to send money back to their homelands to their loved ones.
They have to go through so many processes and have pay a lot of money in the form of fees and charges before the funds can be sent over.
With the help of the new facility, the users get to send the funds to their loved ones in a matter of minutes. They do not have to wait for so many days before the funds are cleared and finally received.
Comments by Wei-Lin Lee
The vice president of remittances at PayPal talked about the significance of the new feature while announcing its launch to the public.
He revealed that they have witnessed that a great number of funds are sent outside of the US during the winter and the Christmas Holidays.
This is the reason why things become very difficult and people have to face several delays before they receive the funds.
Now, with the help of Xoom, users will be able to send funds instantly and they do not have to pay very high fees/charges for that.
The users will be able to send funds in the form of cryptocurrencies that are currently supported by PayPal.