PayPal launches a new application for fast and cheap payments worldwide. The application is called Xoom and, if successful, it can become a real competitor to Ripple.
Xoom will have a ready-made user base at its disposal: the customers use PayPal services worldwide, and the application brings a new degree of functionality to what the company already provided.
Initially, Xoom will work for users in 32 European countries, all of whom can send money to users across 130 countries worldwide. Against the backdrop of competition with Ripple, Xoom has partnered with large financial institutions to facilitate transfers of up to £8,800 pounds [$11,029] per transaction.