Xoom, a PayPal service and leading digital money transfer provider, recently announced it has launched a new feature for remittance beneficiaries
in 29 countries across Latin America, Europe and Asia, including the
Philippines. For the first time, users outside of the U.S. can use Xoom to
easily send a ‘request’ to their loved ones in the U.S. for a money transfer,
bill payment, or a mobile reload.
Xoom’s new ‘request’ feature offers Filipino beneficiaries a
single digital tool to control the frequency and form in which they receive
funds that are often used for necessities like food, utilities or healthcare
expenses. This new service is now available just in time for the busy Christmas
season, which traditionally sees the highest number of remittances made by overseas
Filipinos to their families[1]. Sending a request is free;
it takes just a few easy steps and beneficiaries can make requests 24/7 on the
web from any mobile phone, tablet or computer.
According to
a 2016 report by the Central Bank of the Philippines, personal remittances from
Overseas Filipino Workers have reached US$7.2 billion in the first quarter of
this year, which is higher by 4.3% as compared to the same period in 2015. The
steady demand for overseas workers remained a key driver to the growth of
remittance inflows. It is estimated that over 2.4 million overseas workers are
deployed all over the world who send cash remittances to their families.[2]
The United States of America is the leading sources of cash remittances for
2016, totaling to US$6,596,432 from the period of January to September.[3]
Remittances are often the first experience of a
financial service for beneficiaries, and can serve as a gateway to financial
inclusion. These transactions could be better served by online platforms that
enable direct remote payments for cash remittances.
“We want to facilitate the cross-border exchange of
money for both senders and beneficiaries all over the world,” said John Kunze,
Vice President at Xoom. “Traditionally, the remittances industry has been
served by systems that are inefficient and leave the onus primarily on senders.
With the new ‘request’ feature, control is in the hands of remittance beneficiaries
who now have a central digital service to manage this line of financial support
that is so critical to their daily lives.”
Aside from requesting money,
Filipino Xoom users can also easily request for reloads for Globe, Smart and
Sun prepaid mobile phones and bills payment for PLDT and Smart postpaid mobile
phones.
Xoom offers the following
services:
●
Request Money – it’s easy for beneficiaries to remind
family members in the U.S. about key events as a prompt to send money. Funds can
be requested for cash pick-up at any of Xoom’s 14,000+ payout partners.
●
Request a Mobile Reload – send a mobile
reload request to loved ones in the U.S., to request airtime credit on your
prepaid mobile phone.
●
Request Bill Pay – request family or friends to pay your
bills, such as your landline and internet bills.
Additionally, beneficiaries can keep track of their
requests, and senders no longer need to worry about writing down or getting
lengthy account information from beneficiaries in order to send money or pay
bills. This information is directly entered by recipients beneficiaries and
saved on their accounts for future requests.
The request flow is easy to use. Beneficiaries simply
sign up on Xoom.com; select their ‘request’ type; enter their personal
information and the person they are requesting from. Xoom then relays the
request to the sender who can instantly fulfill it via their phone, tablet or
desktop. Both parties receive confirmation once the transaction has been
complete. As an additional ‘request’ feature, Xoom plans to add direct bank
deposit and door to door delivery options. Requests can be fulfilled on a web
browser or through the Xoom app on Android and iOS.
Xoom also recently partnered with
social media sensation and internet star Mikey Bustos. Through fun parody
videos starring Bustos, Xoom is able to engage Filipino customers in a culturally
relevant way, and educate them about the benefits and ease of use of the new
digital request tool.
According to the World Bank, global
remittances represent an estimated $600 billion opportunity, and Xoom and
PayPal are committed to reimagining financial services, making it easier, more
secure and less expensive for people to spend, save, manage and move money. The
new ‘request’ feature is a step forward to make a major difference in people’s
lives by offering beneficiaries a digital service that helps them better manage
their finances.
Xoom’s cash pick up network
is the most extensive in the Philippines and partners include trusted names
like Cebuana Lhuillier, M. Lhuiller, BDO, Metrobank and all major banks, LBC
and Globe G-Cash. Senders can safely and securely send money to their loved
ones, and beneficiaries can go to any of partner branch for cash pickup at
their convenience.
About Xoom
Xoom, a PayPal service, is a leading digital money transfer provider that enables consumers to send money, pay bills and send prepaid mobile phone reloads for family and friends around the world in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. The company can be found online at www.xoom.com.
[1]
Baiphil Market Watch; http://www.baiphil.org/wp-content/uploads/2016/02/20160222-BMW-Final.pdf
[2]
2015 Survey on Overseas Filipinos; https://psa.gov.ph/content/2015-survey-overseas-filipinos-0
[3]Overseas
Filipinos' Cash Remittances; http://www.bsp.gov.ph/statistics/keystat/ofw2.html
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