Wiring money home
(especially as cash) can be an awkward, expensive and time-consuming ordeal --
but it's about to get a whole lot easier. PayPal announced on
Wednesday that it is acquiring San Francisco-based digital money transfer
startup Xoom (no, not the tablet maker) to make "international
remittances simpler, safer and more affordable," according to the company's blog. Xoom transferred more than $7 billion for its
1.3 million customers over the 12 months preceding last April, primarily on
mobile devices between family and friends. PayPal (which has up to now focused
on business payments) hopes to leverage this platform in its planned expansion
into markets like Mexico, India, the Philippines, China and Brazil. The
acquisition is expected to be complete by the end of the year, assuming it
passes muster with regulators and Xoom's investors.
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