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DOLLARISATION | African Leading Crypto On and Off-Ramp, Yellow Card, Adopts PayPal USD For Settling Cross Border Money Transfers
PayPal will enable its disbursement partners to use PayPal USD for settling cross-border money transfers.
According to a November 19 2024 press release, the new service will be available through PayPal’s Xoom cross-border payments platform.
are the first to adopt the service.
“Cross-border transactions are an important driver for economic growth and prosperity in developing countries,” Jose Fernandez da Ponte, PayPal senior vice president of blockchain, cryptocurrency and digital currencies, said in the release.
“With this step, Xoom and its partners, like Cebuana Lhuillier and Yellow Card, will be able to leverage PayPal’s payment technologies and the blockchain to further enable seamless money transfers across borders.”
PayPal integrated with Yellow Card in 2023, per the release, making it the first Fintech in Africa to list PYUSD, the stablecoin PayPal rolled out in 2023.
“We are thrilled to partner with Xoom to support money transfers made by PayPal customers across the African continent and rising world,” Yellow Card CEO and Co-founder, Chris Maurice, said in the release.
“PayPal understands that stablecoins like PYUSD are changing the payments landscape, and by integrating our technology, they will be able to move money in the most effective way possible thanks to our stablecoin and payments infrastructure.”