SAN FRANCISCO, CA, May 13, 2014 -- Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, today announced a major upgrade to the Xoom App that allows Xoom customers to sign up and send money from their mobile devices to friends and family members instantly at the outset, not only to existing recipients.
Since its launch in June 2013, Xoom repeat customers have been using the Xoom App to send money to their existing recipients. Now, in a few simple steps, Xoom’s new App release allows money senders to sign up and send money to someone new for the first time -- in addition to any existing recipients -- using iOS or Android mobile devices. To send to new recipients, users provide information about how much to send, recipient details and method of payment and then the money is on its way.
Repeat Xoom customers continue to enjoy the Xoom App for best-in-class mobile money transfer. The Xoom App is unique in its simplicity, allowing Xoom customers to complete a “Quick Send” in seconds to their existing recipients in a novel "one tap and one swipe" technique.
In the 12 months ending March 31, 2014, Xoom processed $1.5 billion in mobile volume and in Q1-2014, 45 percent of Xoom transactions were sent via mobile devices.
“The App upgrade presents a tremendous opportunity for Xoom,” said Joe Raymond, Xoom’s Vice President of Product. “In keeping with our mission of creating a seamless customer experience across our platform, our upgrade will make it faster and easier for new users to send money for the first time directly from the Xoom App, a major step forward for our mobile offering. We believe this enhanced customer experience will make it even easier for new users to send money to friends and family.”
Xoom offers customers a Spanish-language experience on its App, desktop and mobile sites and via Xoom’s 24-hour customer care center. In addition to fast and simple money transfers on-the-go, Xoom customers can use the App to track the status of their money transfer as their money moves to their loved ones. Other key features of the Xoom App include the ability to review Xoom’s low fees, check exchange rates, contact customer service and access links to other Xoom services.
Xoom is a leading digital money transfer provider that enables consumers to send money to 31 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended March 31, 2014, Xoom's more than 1.1 million active customers sent more than $6.1 billion to family and friends. The company is headquartered in San Francisco and can be found online at www.xoom.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, Xoom’s business expectations, including, but not limited to, its expectations regarding its market demand and products. These forward-looking statements are based upon the current expectations and beliefs of Xoom's management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Xoom as of the date thereof, and Xoom disclaims any obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Xoom’s failure to attract new customers or retain existing customers; fluctuations in foreign exchange rates; competitive pricing and marketing strategies by competitors; declines in customer confidence in its business or in money transfer providers generally; the adoption of mobile phones and devices to access information on the Internet and use of its services; and other risks and uncertainties.
For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to Xoom's Annual Report on Form 10-K for the year ended December 31, 2013 and any subsequently filed reports on Forms 10-Q and 8-K. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system ("EDGAR") at www.sec.gov or Xoom's website at www.xoom.com.