PayPal has made an important step toward modernizing cross-border payments by merging its stablecoin, PayPal USD (PYUSD), with Xoom, a PayPal service that specializes in international money transfers. The relationship allows Xoom’s original partners, Cebuana Lhuillier and Yellow Card, to use PYUSD for cross-border payments, leveraging blockchain technology to facilitate faster and more cost-effective transactions.
This collaboration aims to enhance financial inclusion by increasing access to digital financial solutions throughout Asia, the Pacific, and Africa. Unlike traditional banking systems, which have fixed operating hours, PYUSD’s blockchain-backed technology allows transactions to take place at any time.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies, emphasized the partnership’s revolutionary potential. He noted how it integrates Xoom’s payment capabilities with PayPal’s stablecoin technology to enable secure, smooth cross-border transactions.
Cebuana Lhuillier, a renowned microfinance services provider in the Philippines, contributes significantly to this program by allowing Filipinos around the world to send money home via its extensive network of 3,500 branches and 25,000 agent locations. The organization has worked with PayPal for nearly two decades to expand its financial services reach in disadvantaged areas.
Similarly, Yellow Card, Africa’s first licensed stablecoin platform, aims to transform the continent’s payment options. CEO Chris Maurice expressed delight for the collaboration, pointing out that stablecoins such as PYUSD are altering the global payment ecosystem. Yellow Card’s connection with Xoom will soon allow users to send money throughout Africa directly to local bank accounts or mobile wallets, making cross-border financial support easier for families and communities.
This campaign builds upon PayPal’s previous efforts to improve stablecoin accessibility. In April, US Xoom users were able to finance overseas payments using PYUSD with no transaction fees. With a presence in nearly 160 countries, Xoom continues to provide a simple and dependable way to transmit money, pay bills, and recharge mobile phones.
PayPal and Xoom’s innovative collaboration is setting a new benchmark for financial inclusivity and cross-border payment efficiency. Using blockchain technology and stablecoins, they are making global financial transactions faster, cheaper, and more accessible to people all over the world.
