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Xoom Corporation (Nasdaq:XOOM), a digital money transfer provider, will be introducing Xoom Bill Pay, a “cutting edge technology platform that facilitates cross-border bill payments, allowing people to pay their loved one’s bills online”. Xoom Bill Pay is scheduled to launch in November with cross-border bill pay to Mexico, Guatemala, El Salvador, Nicaragua and the Dominican Republic.
“We’re excited to introduce Xoom Bill Pay and essentially create a new category in money transfer, one that is highly synergistic to remittances and very relevant to our customers,” said John Kunze, President and CEO for Xoom. “By adding this service, we continue to broaden our relationship with our customers, thereby creating greater lifetime value with increased loyalty to the Xoom brand.”
In a statement the company said that it has “built robust technology for cross-border bill payments, offering an adjacent service to its growing money transfer offerings. Through Xoom Bill Pay platform, customers will have the ability to pay their loved ones’ electric, telephone, internet, cable, water and gas bills, all through their mobile phone, tablet or computer. For example, the service will facilitate payments to the most relevant service providers in each country mentioned, including CFE, the sole energy provider in Mexico, TELMEX, the primary telephone provider in Mexico and the CDEEE Group of Energy Companies, the sole energy provider in the Dominican Republic”.
“By facilitating safe, reliable and accurate cross-border bill payments, Xoom will be able to help its customers take even better care of family members back in their home country,” said Bobby Aitkenhead, Vice President of Xoom Bill Pay. “Xoom Bill Pay is priced at just $2.99 per bill paid, plus a foreign exchange fee, and will save loved ones from the hassle and risk of paying their bills. Xoom customers will be able to get accurate account balances in real-time, and then pay a bill —or multiple bills—instantly.”
“We believe Xoom Bill Pay is a big opportunity for our business and is a significant competitive differentiator,” added Kunze. “In the past, money transfer recipients had to spend hours out of their day traveling to a bill pay retailer, just to stand in line, fill out forms and hand cash over the counter to pay for water or electricity. This will soon be a thing of the past as we transform the way our customers pay bills cross border.”
