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Like a bolt of lighting, PayPal’s Xoom jumps out of
the starting blocks on Tuesday in Toronto
By Stephen Weir
PayPal fired a bolt
over the bow of Jamaica’s GraceKennedy Currency Trading Services (Western Union). Yesterday PayPal’s money transfer company,
Xoom launched a new Canadian service by announcing it had just signed eight-time
Olympic Jamaican gold medalist Usain Bolt as its global brand ambassador.
“At Xoom, we’re deeply committed to delivering the
fastest possible money transfer experience to our customers, so Mr. Bolt was a
natural fit to be our global brand ambassador,” Julian King, Vice President and
General Manager of Xoom told the Caribbean Camera at the company’s Canadian
launch.
“We look forward to working with Mr. Bolt during an
exciting time as we expand our services. He will be appearing in our marketing
materials and representing us at selected events,” King continued. “Is he
coming to Canada? Nothing that I can announce …. just yet!”
Xoom’s owner, PayPal, is an American company operating a worldwide
online payments system that supports online money transfers. The young
company’s services are an electronic alternative to moving money using
traditional paper methods like cheques and money orders
The press were told that Canadian immigrants can now use Xoom to quickly
and securely send money, pay bills and reload phones for loved ones living in
more than 130 countries globally, including all Caribbean islands except
one! “ No, you can’t use Xoom to
transfer money to Cuba. We don’t have any partners on the island, and we are a
US based company!”
Using a Smart phone, tablet or desktop computer, Canadians can use Xoom
to send money
on-line fast and line-up free to friends and family members around the
world. Media at the press conference
were shown how a Xoom phone app could take money from Canada to the Caribbean
in less than 30-seconds.
Xoom allows users to send up to $12,500 CAD in a single transaction to the Caribbean, and multiple
transactions can be made in a single day. Senders choose from a number options: deposit money to a bank account, send
cash for pick-up or have cash delivered directly to the recipient’s door.
According to
PayPal, this is one of the world’s most diverse countries and is home to more
than 7.5 million foreign-born people from more than 200 countries. Canadian immigrant families send nearly
$24 billion annually to support family and friends back home.
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| Mr. King photo by sweir |
Julian King is a Jamaican American based in California and
understands how important money transfers are to the economy of the
Caribbean. He believes that Xoom will be
able to gain a foothold in the business of moving P-to-P (person to person)
money by offering low service charges, competitive currency exchange rates and
guaranteeing all transactions.
Hiring Jamaica’s favourite son makes a bold statement one that Western
Union, the world’s leading money transfer company, is sure to hear. But it will take more than a famous runner to
overtake Western Union’s grip on the Caribbean. Back in 2014, the company’s 25th anniversary in Jamaica, Western Union moved
the equivalent of more than US$14 billion into Jamaica in collaboration with
GraceKennedy Money Services.
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