PayPal Launches Ripple Rival App, Xoom, To Provide Global Remittance To Over 130 Countries
Many big-league players have started sorting through improved alternatives for fiat and cryptocurrency transactions. Recently, PayPal followed suit by launching its own mobile payments app, Xoom, in an apparent attempt to compete with Ripple. PayPal catapulted its e-funds transfer service to compete with Ripple, its blockchain-based rival, in the crypto-transactions segment.
With Xoom, PayPal aims to re-define the traditional payment services sector by delivering faster and cheaper international transfers. The online payments services provider aspires to make transactions easy and more convenient than Ripple by charging lower transaction fees.
Xoom will now be available in Austria, France, Germany, Italy, Spain, Portugal, India, Pakistan, Nigeria, Kenya, Poland, China, and many other countries, bringing the service to more than 130 markets worldwide.
It provides both existing and potential customers an avenue to send moneym to the unbanked and underbanked in countries around the world. These funds can be sent from any computer or mobile device, and then be accessed across the world and the money can be deposited in a bank.
To compete with Ripple, Xoom has partnered with major financial institutions to facilitate transfers of up to £8,800 pounds [$11,029] per transaction. For disrupting the crypto-market, PayPal will have to drop its transaction fee lower than Ripple, a step that will definitely gather the attention of crypto-users.
If Xoom attains its desired goal, it will disrupt Ripple’s market share. Yet, it will be beneficial for users as a significant number of organizations are coming up with distinctive services blended with blockchain-based cross-border transaction options.