July 15, 2019 / 11:09 PM / a month ago

PayPal launches international money transfer service Xoom across Europe

FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch

LONDON (Reuters) - U.S. payments company PayPal (PYPL.O) is expanding further in Europe by launching its international money transfers service Xoom in Britain and 31 other countries across the continent.

Xoom allows customers to transfer money abroad to more than 130 markets internationally, including India, Pakistan, Nigeria, Kenya, Poland and China.

The company said the roll-out would help it grab market share in the $689 billion global remittances market, building on previous launches of the service in the United States and Canada.

Britons alone transfer over $26 billion in remittances overseas annually, many sending money to help family members pay bills.

Xoom partners with major banks and other finance firms to facilitate the money transfers, with customers able to transfer up to 8,800 pounds ($11,029) per transaction.

Reporting by Iain Withers, editing by Deepa Babington

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