Xoom, a PayPal service and digital money transfer provider, 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 US can use Xoom to send a ‘request’ to their loved ones in the US 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. Sending a request is free; it takes few 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 $7.2 billion in the first quarter of this year, which is higher by 4.3% 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. The US is the leading source of cash remittances for 2016, totaling to $6,596,432 from the period of January to September.
“We want to facilitate the cross-border exchange of money for both senders and beneficiaries all over the world,” said John Kunze, VP of 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 request for reloads for Globe, Smart and Sun prepaid mobile phones and bills payment for PLDT and Smart postpaid mobile phones.
Additionally, beneficiaries can keep track of their requests. This information is directly entered by recipients beneficiaries and saved on their accounts for future requests.
Beneficiaries can 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 fulfill it via their phone, tablet or desktop. Both parties receive confirmation once the transaction has been completed.
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.
