PayPal reported completing the deal to own Xoom. The online payments provided purchased all shares of the company at $25 per each. The Xoom CEO, John Kunze, is joining the board of directors and keeps on managing the company, whose services will be still provided separately from the main PayPal services.
Xoom is a safe, fast and accessible way to complete money transfers and pay the bills around the world with the help of a mobile phone, tab or a PC.
For PayPal Xoom opens access to a million and a half active clients in the USA. During the previous 12 months they spent around $7.1 billion in money transfers to the recipients from 40 countries (Mexico, India, the Philippines, China and Brazil). Besides, 97% of the Xoom customers are using the service repeatedly and 60% of them complete transactions using mobile phones.
Combining the PayPal global scale and Xoom opportunities the company plans to create some easier and safer service to make transfers and receive funds for a larger number of people.
