San Francisco-based digital money transfer provider -
) announced a strategic alliance with the US-based leading
contract-free wireless service provider - Red Pocket Mobile, to
enhance its current global money transfer network.
As of Jun 2013, Xoom already enjoys a strong customer base of
over 915,000 clients, who send and receive money to and from over
30 countries across the globe on a yearly basis.
Accordingly, Xoom will open up its website for money transfer
services to the customers of Red Pocket Mobile through mobile as
well as stationary electronic devices such as smartphones,
laptops and desktops. The idea is to add value to the business by
giving the customers access to convenient and secure money
By signing up for Xoom, the customers of Red Pocket Mobile
will now be able to remit money across countries where Xoom has
market penetration. These include significant markets of India,
Latin America, the Philippines, Canada, Australia, South Africa
The alliance is also an attempt by Xoom to enter the rapidly
growing space of money transfer through mobile devices. In this
regard, the company had also launched the Xoom Money Transfer App
in Spanish to tap the vast Latin American and other significant
markets. This application is available in the latest Android and
iOS mobile devices.
Given the intense competition in the money transfer business,
Xoom is focusing on innovative methods to make a mark in the
digital payments' space. Moreover, the scope of growth also
justifies the company's robust network accretion so far in
We believe such alliances will not only boost Xoom's leading
global market position but will also accelerate its organic
growth by boosting its money transfer business. Simultaneously,
these efforts will also enhance demand for global remittances and
boost the company's brand value.
Along with Xoom, strong peers
) carry a Zacks Rank #2 (Buy).
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