On Tuesday, PayPal launched its international money transfer solution, Xoomo, in 32 European countries, including the UK, Germany and France. The service allows Hungarians living in these countries to send money to Hungary quickly and safely, to make phone balance payments and to pay their bills.
PayPal announces in its communication to MTI: according to European Union statistics, more than 400,000 Hungarians live and work in one of the EU Member States, many of whom support their family members living in Hungary by money transfer.
It quotes World Bank data that in 2018, US $ 4.86 billion was sent from abroad to Hungary – about $ 1,400 billion, equivalent to 3.1 percent of Hungarian GDP. The global inter-bank transfer industry is growing steadily, estimated at $ 689 billion.
The Communication points out that, in the last decades, the safe and efficient cross-border movement of money has been slow, but the development of digital technology, especially mobile technology, has led to a significant reduction in transfer time.
Dan Schulman, CEO of PayPal, said in a statement that Xoom allows customers to send money from a London or Berlin bus using a mobile phone, which the recipient can pick up in Miskolc or Nyíregyháza in a few minutes.
The PayPal digital payment platform currently connects nearly 277 million active account holders and offers them the opportunity to conduct transactions between themselves – read in the Communication.