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Xoom's Instant Mobile Reload Service to Boost Customer Base - Analyst Blog

Leading digital money transfer provider, Xoom CorporationXOOM recently launched a new enhancement to its service portfolio - Xoom Mobile Reload - to expand its offerings to customers.

This facility will enable customers to send airtime credit online from the U.S. to prepaid mobile phones across 22 countries. As a result, customers will now be able to send money to their loved ones, pay their family's bills and reload their phones instantly even if they are abroad.

To facilitate the transfer of prepaid mobile credits, Xoom has partnered with an eminent international airtime remittance provider - TransferTo. Using the mobile phone number, Xoom and TransferTo's technology can automatically detect the carrier and send airtime credit to the receiving phone immediately. As soon as the airtime is credited to the account, the recipient is sent an in-language text message. The transaction information like the mobile number, payment method, and amount sent are all auto-saved so as to facilitate repeat transactions with just two clicks.

Customers can send credits online through Xoom.com at present but will be also able to do the same through Xoom's mobile app in the near future. In order to recharge, senders need to choose a fixed amount in local currency, approximately $5-$25, and receive an exchange rate equal to Xoom's money transfer exchange rate along with a 99 cent fee. This service is available in nearly all countries to be served.

With the digital money transfer services gradually taking over conventional methods, there has been an increase in online mobile recharges and credit transfers throughout the world. In a survey conducted on Xoom customers lately, it was found that out of all individuals using a reload service, 52% add airtime credit to their loved one's mobile phone at least once a month. Xoom Mobile Reload intends to tap this opportunity and furnish these individuals as well as potential customers with a convenient and safe credit mobile remittance mode.

Xoom caters to more than 1.3 million customers through its cost-effective money transfer services. The latest service enhancement is indeed another feather in Xoom's cap. The service will not only allow the company to retain its customers through the ease of access but also help in attracting more customers.

Xoom currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the financial transactions services space include Green Dot Corporation GDOT , Qiwi plc QIWI and Global Payments Inc. GPN . While Green Dot and Qiwi plc sport a Zacks Rank #1 (Strong Buy), Global Payments holds a Zacks Rank #2 (Buy).

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GLOBAL PAYMENTS (GPN): Free Stock Analysis Report

GREEN DOT CP-A (GDOT): Free Stock Analysis Report

XOOM CORP (XOOM): Free Stock Analysis Report

QIWI PLC-ADR (QIWI): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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