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PayPal, a US payment company, continues to expand in Europe with the launch of its Xoom international credit transfer service in Britain and 31 other countries on the continent.
Xoom allows customers to transfer money overseas to more than 130 international markets, including India, Pakistan, Nigeria, Kenya, Poland and China.
The company said the move would enable it to capture a share of the $ 689 billion ($ 550 billion) global remittances market, building on previous US service launches. United States and Canada.
The British alone transfer more than $ 26 billion in remittances each year, many sending money to help family members pay their bills.
Xoom works in partnership with major banks and other finance companies to facilitate cash transfers, with clients able to transfer up to £ 8,800 per transaction.
(Report by Iain Withers, edited by Deepa Babington)
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