SAN FRANCISCO, Calif. - August 12, 2004 - Xoom Corporation, an online to offline money transfer service, has expanded its service offerings allowing Indians living overseas to send money to anyone located anywhere in India. The new service includes door-to-door service of a Punjab National Bank (PNB) demand draft, which can then be cashed at any PNB branch throughout the country. Blue Dart, India's largest express delivery company, will deliver drafts within 48 hours to most parts of the country. Xoom will continue to offer cash pick up at over 500 Instant Cash location throughout the country, in addition to the new service.
Xoom's unique money transfer service allows non-resident Indians (NRIs) to send money from any Internet-enabled computer to friends, family and loved ones in India. All money transfers are swiftly and securely processed through PayPal, an eBay company that operates in 38 countries around the world. Recipients, who do not need to have bank accounts or computer access, receive cash in the form of rupees.
The new all-India service will not result in an increase in Xoom fees, which are often 50% lower than traditional methods of sending cash home to India.
Xoom Corporation is an online-to-offline international money transfer service. Xoom offers a secure, fast, and inexpensive means to send money to recipients in eight countries, including: Dominican Republic, Jamaica, India, Hong Kong, Nepal, Pakistan, Philippines, and Sri Lanka. All transactions are processed securely through PayPal, an eBay company.