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PayPal Unveils Plans To Buy Xoom For $890m

Posted by Lolade on Mon 06th Jul, 2015 - tori.ng

PayPal is set to buy over money-transfer company and business operations rival Xoom.

PayPal, international online payment company has unveiled plans to acquire money-transfer company Xoom.

The Xoom is a competitor to money-transfer firms including Western Union and Moneygram, allowing people to pay bills or send money overseas for about $3 to $10 per transfer.

The deal, with an enterprise value of $890 million, will expand PayPal’s global money-transfer services and intensify the company's effort to control the global digital payments sector.

It was learnt that the acquisition will likely give 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.