Global cross-border payments network Thunes announced a collaboration with Xoom, PayPal’s digital remittance service, that will enable Xoom customers in the United States, Canada, the U.K. and Europe to send remittances directly to mobile wallet users around the world.
Despite the global adoption of digital payments, local payment preferences are fragmented and global payments interoperability continues to be a challenge. In emerging markets, consumers increasingly choose to pay with mobile or digital wallets. However, the absence of connectivity to global payments infrastructure limits the ability of local mobile wallet users to receive inbound transfers from other countries. Through this collaboration, Thunes allows Xoom to further expand its existing reach, using Thunes’ global network and payment capabilities to offer quick, affordable and reliable payments for new corridors. This strategic collaboration builds on the success of Thunes’ long-standing relationship with PayPal that began with an initiative in 2018, which enabled Kenyans to move money between M-Pesa and PayPal, a service exclusively powered by Thunes.
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Thunes will enable payments for Xoom in several countries around the world, such as the Philippines, Bangladesh, Indonesia, Ghana, Senegal, and more.
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“We’ve always believed that people should be able to pay each other without hassle and stress, irrespective of their location. And since the beginning of the pandemic, the significance of sending money internationally quickly and affordably has increased dramatically,” says Tamer El-Emary, COO of Thunes. “This collaboration is a great example of two companies harnessing the power of technology and innovation to provide access to financial services to people that need it the most, connecting them to their loved ones and creating new opportunities for global entrepreneurs”.
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