From CNET: PayPal unveiled its plans to buy money-transfer company Xoom on Wednesday, keeping up PayPal's effort to touch just about every aspect of the digital payments world.
The deal, with an enterprise value of $890 million, will expand PayPal's global money-transfer services, likely giving PayPal's 165 million worldwide active consumers more options to send and receive money across international borders using Xoom's services on their smartphones and personal computers.
PayPal already offers international money transfers in 190 countries and regions, as well as peer-to-peer money-transfers and payments in the US through the service Venmo. San Francisco-based Xoom will help PayPal speed its expansion into the 37 countries Xoom already operates, especially the important markets of Mexico, India, the Philippines, China and Brazil, PayPal's incoming CEO Dan Schulman said in a statement.
Xoom, which has 1.3 million active customers in the US, is also available in Australia, China, Spain and the UK. The company is a competitor to money-transfer firms including Western Union and Moneygram, with Xoom allowing people to pay bills or send money overseas for about $3 to $10 per transfer. Xoom helped customers send about $7 billion to friends and family around the world during the 12 months ended March 31.
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