PayPal, an international money transfer service introduced its development on 8 December 2020 that now it’s possible to do money transfers straight to mobile wallets for the convenience of the market in Zimbabwe and other selected countries in Africa.
Julian King, the Vice President and General Manager of Xoom remarked that this development was initiated to reduce the costs of sending money to African countries since the use of traditional channels has always been expensive. In Sub-Saharan Africa, there is a large number of countries with people who use mobile money in their daily lives, with a total number of 1.04 billion registered accounts for mobile money.
King added that they wanted to help bring down the cost and speed up the process to boost financial inclusion. This development is a breakthrough for the individuals who are into business, who was limited by the condition before, while they were using traditional channels the only way to transact their money. Therefore they made the process of how to send the money with PayPal is very easy so that people can enjoy marketing.
People should log in using their credentials or they should create a Xoom account, providing the name and email address to start. The sender will therefore enter the amount of money to be sent, and should enter the name of where it’s going to, then the location/ place where they will receive the money in Zimbabwe. After these procedures, then pay with PayPal, bank account, credit card, or debit card and the transaction will be successful.
PayPal has come with a breakthrough for the people in Sub-Saharan Africa who wish to conduct their business through PayPal payments. This development will be helpful in the marketing industry in Zimbabwe, and the government itself as they are collecting tax through mobile money transactions.