Xoom – Ultimate electronics payment service provider that helping more than millions of consumers worldwide
Amid the coronavirus pandemic, people are using e-commerce and digital methods of payment immensely. In fact, it is one of the safest and best ways to stay safe yet, complete the transactions. From electricity bills to grocery bills and in fact, most of the fund transfer is continue using electronics mediums. Thanks to the service providers who enabled such simple fund transfer all over the world. Xoom is one of such remittance provider that enabled service in more than 130 countries. Since 2015, it became one of the subsidiaries of PayPal after the firm acquired Xoom. Thus, exploring its area of service on an international level. Today, Xoom has gained the customers due to it’s secure and easier payment service.
About Xoom
It is a San Francisco based electronics fund transfer provider that enabled many services at one click. Consumers can transfer money, pay all kinds of bills like electricity bills, and can refill the DTH, Mobile phones easily. The firm is set up in 2001 by Kevin Hartz. Presently, it is an integral part of PayPal services. Because PayPal acquired the firm in 2015 for about 1.09 billion dollars.
Services of Xoom
It provides the same services as other UPI based applications like PhonePay, GooglePay, and Paytm do. Whether it is the person to person money transfer or consumer to merchant money transfer, Xoom made it easy. As well, mobile recharge, grocery bills, monthly rent, tv recharge can be done using the Xoom platform. These all services are available in many countries worldwide. For doing these transactions, one can use a mobile app, or desktop site, or even a mobile site. Moreover, Xoom assured complete security to the consumers. For that, it employs several methods like identity verification, limits on transactions, etc. Because the integrity of user accounts is the top priority of Xoom.
PayPal’s subsidiary
In 2015, Xoom merged into PayPal. That time, Xoom had more than 1 million active customers from the USA. As well, the services were used in more than 38 countries. Currently, the firm is under PayPal which is also a well-known payment service provider in the USA.
The person behind Xoom’s establishment- Kevin Hartz
He was born in Berkeley in California. While he spent most of the time of childhood in Orinda, California. Coming to his education, Kevin attended Stanford University to study history, also holds BAS. As well, he did an MA in British history from University College, Oxford.
Early career
Kevin started his career as a product manager at Silicon Graphics. That time, he leads the team of Virtual reality browser Cosmo Player. During this period, he was one of the founding members of ConnectGroup. It was a startup that started to provide high-speed Internet access to hotel businesses. In 2001, Hartz co-founded Xoom, an international money remittance business. He served as CEO until 2005 and served on the Board of Directors for a long time.
Business ventures
Hartz set up several businesses as well as he is the early investor in many leading firms. In 2001, he helped in the establishment of a remittance service provider called Xoom. The firm worked under his policies till 2005. As he was the CEO of the firm at that time. Xoom acquired many consumers during Hartz’s tenure. Moreover, Kevin helped in the foundation of Eventbrite as well. Eventbrite is a self-service ticketing platform on the international level.
Apart from that, he invested in several firms like PayPal, Uber, Trulia, Pinterest. Kevin also invested in successful startups like Newfront Insurance Gusto Airbnb, Joby Aviation, etc. K. Hartz was also partner with Founders Fund for some duration which he left thereafter.
Recognition and Achievements of Xoom
In 2010, Xoom was one of the remittance service providers that got the highest consumer satisfaction ratings in the transparency of the fee, transparency of the foreign exchange, and value. It was the study of Inter-American Dialogue. Thereafter, it listed in the Next Big Thing List of the 50 most promising venture-backed companies by Wall Street Journal for two consecutive years; 2011 and 2012 respectively.
As well, Inter-American Dialogue included Xoom’s name in the list of 51 remittance service providers for the US to Latin America market. This time, the factors considered were FX, network, Fees, the countries served and financial inclusion achieved.
Jayshri is an Electronics Engineer, but her passion towards writing made her to be in this field. Apart from content writing, she loves reading, writing and surfing on various topics. In her free time, she likes to watch TV series and news. Sherlock Holmes is her all time favorite show. Jayshri loves cooking various Indian-western dishes.