PayPal launches new money transfer services in more than 30 European markets

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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.

Record market capitalization of the 100 largest companies in the world The market capitalization of hundreds of the world’s leading listed companies rose to a record $ 21,000 billion, according to PwC’s Global Top 100 Survey.     In the one-year period from April last year, the market capitalization of one hundred leading companies increased by 5 per cent, slowing down from the 10 per cent growth one year earlier.     Technology and online commerce companies continue to dominate the narrow list, with seven companies in the top ten: US, Microsoft, Apple, Amazon, Alphabet and Facebook, plus two Chinese, Alibaba and Tencent .     For the fifth year in a row, 54 percent of the 100 largest companies in the US have increased their market capitalization by over 9 percent in one year.     China ranks second in the Global Top 100 despite Asian companies’ market capitalization declining by 4 percent over the past 12 months.     One year ago, Chinese companies increased their market capitalization by 57 percent. Then three new Chinese companies were placed in the Top 100 and two in the Top 10.     According to the latest PwC list, European companies’ market capitalization fell by 5 percent in one year and three companies fell out of the 100 list.      Microsoft tops the latest hundred list, after being third last year, and its market capitalization increased by $ 202 billion to $ 905 billion in one year.     Last year, Apple topped second place, with $ 45 billion in market capitalization and $ 896 billion in market capitalization.     In the top ten, four other companies are American, Amazon, Alphabet, Berkshire Hathaway and Facebook.     Chinese companies rank seventh and eighth in the list: Alibaba retained its seventh position, while Tencent slipped from last year’s fifth to eighth.     The top two places in the top ten are American companies again: ninth is Johnson & Johnson and tenth is Exxon Mobil.

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