back Back

Thunes integrate with PayPal’s Xoom service for transfers to mobile wallets

By Joy Dumasia

October 26, 2021

  • Cross Border Payments
  • Digital Payments
  • FinTech
Share

Thunes announced a collaboration with Xoom, PayPal’s digital remittance service, that will enable Xoom customers in the United States, Canada, the U.K. and Europe to send remittances directly to mobile wallet users around the world.

Despite the global adoption of digital payments, local payment preferences are fragmented, and global payments interoperability continues to be a challenge. In emerging markets, consumers increasingly choose to pay with mobile or digital wallets. However, the absence of connectivity to global payments infrastructure limits the ability of local mobile wallet users to receive inbound transfers from other countries.

Through this collaboration, Thunes allows Xoom to expand its existing reach, using Thunes’ global network and payment capabilities to offer quick, affordable and reliable payments for new corridors. This strategic collaboration builds on the success of Thunes’ long-standing relationship with PayPal that began with an initiative in 2018, which enabled Kenyans to move money between M-Pesa and PayPal, a service exclusively powered by Thunes.

Tamer El-Emary, COO of Thunes, said: “We’ve always believed that people should be able to pay each other without hassle and stress, irrespective of their location. And since the beginning of the pandemic, the significance of sending money internationally quickly and affordably has increased dramatically. This collaboration is a great example of two companies harnessing the power of technology and innovation to provide access to financial services to people that need it the most, connecting them to their loved ones and creating new opportunities for global entrepreneurs.”

Recently, IBS Intelligence reported that Thunes FinTech company and a leader in global cross-border payments, announced a partnership with Bank Alfalah, one of Pakistan’s largest banks, to enable real-time affordable cross-border payments to consumers in Pakistan.

Previous Article

October 26, 2021

Ubiquity secures significant strategic investment from BV Investment Partners

Read More
Next Article

October 26, 2021

Bridgeweave and IIFL Securities partner to provide AI powered investment insights

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Cross Border Payments

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023