PayPal begins another historic milestone for its recent endeavour involving Cuba. It appears that the gigantic Internet payment is ready to open its door and bring money transfers to the region.
According to Fortune, PayPal will begin its debut of money transfers to Cuba through its newly acquired service, Xoom. None other than PayPal's CEO Dan Schulman, who visited Cuba together with President Obama, affirmed the historic mark that Paypal has achieved.
Along with the U.S. Secretary of Commerce Penny Pritzker, as well as other executives from various companies, the race is on for Cuba. It goes without saying that Cuba is now the new frontier for businesses to pool their resources over. With the loosening of trade restrictions that have baffled the region for many decades, the time is now ripe for investors to come in.
Given that Paypal has confirmed its presence in Cuba, Xoom is expected to dominate the money transfer industry in the region. Xoom permit people to send money, pay bills, and reload mobile phones from the United States to 37 countries.
More report from Newsroom America affirmed the endeavours that Paypal with its corporate banner Xoom would want to achieve in Cuba. According to the report, "About $2 billion is directed from the United States to Cuba in remittances every year. That's about 3 percent of the Cuban GDP."
It goes without saying that Paypal is preparing for a worldwide domination and in getting the main lead in money transfer services. It has even expanded its headquartes in its home country to further expand and broaded its horizons, according to past post from Jobs & Hire.
Schulman further said, "We believe that we can introduce our global remittance service Xoom to Cuba by year end, making it, hopefully, easier for Cuban-Americans and other American citizens to send money to their loved ones here in Cuba, to send money to entrepreneurs who are trying to start businesses here, to fuel their dreams and their ambitions."
