Denver, Colo. - October 28, 2003 - Xoom Corporation announced today at the Future of Money Summit, that it has launched its instant online-to-offline money transfer service in the world's largest remittance market, India. The company has appointed remittance veteran Wall Street Instant Cash, a subsidiary of The Patel Group with a broad network of retail outlets across India, as its local market distribution partner.
The worldwide Non-Resident Indian community will now be able to send money home instantly and securely via www.xoom.com. The cash will be available immediately to recipients at any national Wall Street Instant Cash location, seven days a week. Door-to-door, direct deposit and bank draft delivery service will be offered later this year.
"We are very excited to be able to offer our service to the global Non-Resident Indian community," said Kevin Hartz, co-founder and CEO of Xoom. "We are giving them the opportunity to send money home using a service that is quick, secure and cost effective, with the convenience of having the money available instantly in just a few clicks."
"With over 25 years of experience in global remittance, we recognize the importance of simplifying the process of sending money home," said Praveen Chandiramani, Chief Operating Officer of Wall Street Instant Cash. "We are pleased to partner with Xoom to offer this new service."
India marks Xoom's third market, after the Dominican Republic and Jamaica. Service to more Asian and Latin American markets are planned in Q4 2003 and Q1 2004, as Xoom continues to expand its instant money transfer service around the world.
Xoom Corporation is an online-to-offline international money transfer service. Xoom offers a secure, fast, and inexpensive means to send money online-to-offline 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.
About Wall Street Instant Cash
Wall Street Instant Cash, a global remittance company held by the US$ 2+ billion Patel Group, is headquartered in Dubai and has over 250 retail outlets in India. The Patel Group is the largest courier group in Asia, with publicly listed holdings in finance, construction and logistics. Wall Street Instant Cash has long been known for its 24-hour, 7-day-a-week customer service, low exchange rates and secure cash distribution.