SAN JOSE, Calif.--(BUSINESS WIRE)--Xoom, PayPal’s international money transfer service, today announced a partnership with TransNetwork, an electronic payment processing platform, so Xoom customers in the United States can send money to loved ones for cash pickup at any OXXO location in Mexico. The first online-only remittance player to partner with Mexico’s largest chain of convenience stores, Xoom will add more than 17,000 cash pickup locations with this partnership, providing customers more convenience than ever as recipients can now choose from over 35,000 locations in the country.
“We’re thrilled to be the first online-only remittance provider to partner with OXXO,” said Julian King, Xoom’s Vice President and General Manager. “With this partnership, Xoom is furthering its mission to empower customers with the technology to send international money transfers quickly and securely so they can enjoy peace of mind knowing their loved ones have fast and convenient access to their funds.”
"The remittance service at OXXO is strengthened thanks to the alliance with Xoom and Transnetwork, with which we reaffirm our commitment with our customers by offering more options for the collection of remittances and thus contribute positively to the economic and social development of Mexico, especially in those states where these remittances are a large source of income," said Asensio Carrión, director of financial and electronic services at OXXO.
Established in 2001 and acquired by PayPal in 2015, Xoom is a fast and secure way to send money, pay bills and reload phones for loved ones in more than 130 countries globally. These remittances serve as lifeline for many people around the world and are used to pay for things like utility bills, healthcare, education costs and emergencies. The largely cash-based system of sending money across borders is full of paperwork, high fees, standing in line and an ever-present uncertainty of when, and if, the money will arrive when it’s needed. By providing fast and secure payment options for customers to seamlessly send money across borders by going online or using a mobile device, PayPal and Xoom are helping to expand and improve the financial health of millions of people worldwide.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 227 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PayPal financial information, visit https://investor.paypal-corp.com.
About Transnetwork LLC
TransNetwork LLC is a Houston-based B2B electronic domestic and cross-border processing and payment platform which enables licensed and regulated financial institutions to connect under one standard technology granting access to a diversified payment network of over 45,000 locations in Mexico, Central and South America. With more than 15 years of experience processing remittances to financial networks and retail chains, the firm currently operates in Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Ecuador, Peru and Colombia. For more information, visit www.transnetwork.com.