Paypal launched Xoom International Remittance Service in Europe

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      PayPal (PYPL.O), an American payment company, will launch Xoom, an international remittance service, in the UK and 31 other European countries to further expand in the European market.
Customers can send money through Xoom to more than 130 countries around the world, including India, Pakistan, Nigeria, Kenya, Poland and China.
The company said the introduction of Xoom in the European market would help it grab market share in the $689 billion global remittance market. The company has previously launched the service in the United States and Canada.
Britain alone remits more than $26 billion a year abroad, and many people use remittances to help family members pay their bills.
Xoom works with large banks and other financial firms to facilitate customer remittances, up to 8,800 pounds ($11,029) per transaction.


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