Xoom launching sends in Europe could help it gain adoption quickly, thanks to PayPal's existing user base:
Previously, Xoom's transfers could only originate in the US and Canada, so the move significantly increases the number of consumers who can use the service to transfer funds to its network of over 130 countries.Launching Xoom in Europe can enable it to capture far more of the digital remittance market — estimated to comprise 35% of theglobal remittances market last year — as it catches up to competitors' levels of accessibility.
The expansion gives Xoom access to seven of the top 10 countries worldwide for outflows of remittances. The UK, Germany, France, Spain, and Italy will join the US and Canada as Xoom's biggest markets. The five new markets' estimated outflowsmore than $108 billion in 2017 — the most recent data available — adding significant volume to the US' and Canada's combined $173 billion. And with Xoom launching in another 27 markets, the service's potential volume is set to skyrocket.
Prior to extending into Europe, Xoom lagged behind competitors in originating markets. Industry leaders Western Union and MoneyGram both200 markets where remittances can originate from, dwarfing Xoom's two. It even trailed other digital firms like WorldRemit, TransferWise, and Remitly, which all have at least 16"send" countries.
Consumers can use their PayPal login credentials with Xoom to easily access their accounts and use Xoom's services. Considering PayPal has millions of users in Europe already — 26 million in the UK, 23 million in Germany, 9.5 million in France, 6.8 million in Italy, and 5 million in Spain, according to a release sent to Business Insider Intelligence — this may make Xoom an attractive remittance option.
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