SAN FRANCISCO, Calif. - August 28, 2003 - Xoom Corporation today announced that through its exclusive partnership with PayOut Limited, it has established a relationship with Paymaster, a Jamaica based remittance and currency service. Together they will launch an online to offline international money transfer service to Jamaica.
This service, available at www.xoom.com, will enable customers to pay bills and transfer payments through the Internet to recipients in Jamaica. The beneficiaries will be able to receive the money offline, with delivery of funds available seven days a week and made within a few hours of the transaction.
Xoom's platform will provide the front-end interface and back end tracking, which enables a convenient, secure, and cost-effective means for electronic funds remittance. Paymaster will offer the fulfillment required for funds delivery.
"We are very excited to be able to offer this service to Jamaican expatriates," said Kevin Hartz, co-founder and CEO of Xoom. "We are helping them pay bills or transfer money home by using a very cost effective means which is also quick, secure, and convenient."
International fund remittance is a growing business with an estimated total dollar volume of immigrant remittances worldwide of $138 billion in 2002. Jamaica's Central Bank reported almost a billion dollars was remitted to the Jamaica in 2002. Xoom's service will alleviate customer's dependence on expensive wire transfer centers.
"The Internet has been embraced by Jamaicans all over the world, both as a professional and educational tool, and as a way of keeping in touch," said Audrey Marks, founder and Chief Executive of Paymaster. "Now with XOOM there's a great way for Jamaicans to use the Internet to send their remittances home, more cheaply, securely and conveniently than ever before."
Xoom Corporation is an online-to-offline international money transfer service. Xoom currently offers a secure, swift, and inexpensive means to send money from any of 38 countries to recipients in the Dominican Republic and Jamaica. All transactions are processed securely through PayPal, an eBay company.
Paymaster (Jamaica) Limited, Jamaica's first multi-payment agency, offers facilities for improving revenue collection and other customer care activities to businesses and institutions island-wide. Paymaster utilizes state-of-the-art technology in its revenue collection, which affords the client security of all transactions. The company has 130 outlets island-wide and twenty-five client companies. Paymaster is the official collection agency for Jamaica's four utility companies.