Xoom, PayPal’s cross-border money transfer service has launched a new funding option that will allow U.S. users to finance international transfers using PayPal USD (PYUSD), its dedicated stablecoin pegged to the U.S. dollar.
Paypal USD Deployed For Borderless Transactions
According to the announcement from PayPal, Xoom users in the United States will pay no transaction fees when using PayPal USD to fund eligible transfers to recipients in over 160 countries.
The innovation from Xoom is coming at a time when consumers are increasingly seeking cost-effective alternatives for cross-border payments.
This is particularly important given the high cost associated with cross-border payments. Ripple in a move to harness the gains in the sector teamed up with Onafriq for cross-border payment in Africa, UK, Australia, and the Gulf Cooperation Council.
According to a World Bank Q3 2023 report, the global average cost of sending $200 internationally stands at slightly over 6%. Thus, by waiving
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