SAN FRANCISCO, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Xoom Corporation (Nasdaq:XOOM), a leading 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."
Xoom 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."
Xoom is a leading digital money transfer provider that enables consumers to send money to 30 countries in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended September 30, 2014, Xoom's more than 1.2 million active customers sent approximately $6.5 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, expectations, plans, and prospects for Xoom, including, but not limited to, its expectations regarding its expansion into new markets, ability to improve the way people around the world pay their bills and market demand for bill pay and money transfer 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: the evolving nature of the industry in which Xoom operates; its failure to attract new customers or retain existing customers; economic, political or regulatory factors beyond its control, in the U.S. or in countries to which its customers transfer money and pay bills; fluctuations in foreign exchange rates; competitive pricing and marketing strategies by competitors; the adoption of competing technologies that supplant its services; the failure of partners to disburse funds according to Xoom's instructions; declines in customer confidence in its business or in money transfer providers generally; potential breaches of its security systems; 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.
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Sharrifah Al-Salem, CFA, Xoom