Xoom is a San Francisco-based company that was founded in 2001. The company provides online digital money transfers. Xoom provides money transfer services to banks, money transfer companies and retailers. According to the company profile, it is focused on helping consumers send money in a secure, fast and cost effective way. The transfers can be completed through smartphones, tablets and computers.
Sprint (News - Alert) has been in the headlines quite a bit this year. Last week it announced that it would be supplying wireless coverage in several New York City subways. This comes on the heels of acquisitions of and from Sprint. Not to mention the fact that earlier this month Sprint finally shut down the Nextel network.
It seems that Sprint continues to be in the news. As of a few days ago, July 29, the Xoom Corporation announced that it would provide international remittance services for mobile virtual network operators (MVNOs) on the Sprint network.
MVNOs using the Sprint network can offer Xoom’s money transfer service to their subscribers. The terms of the agreement allows the MVNO's customers to sign up for Xoom from their mobile phone, and send money to friends and family in Latin America, the Philippines, India, Europe, Canada, Australia and South Africa.
Julian King, Xoom's senior vice president of marketing and corporate development, said, “We are very excited about this expanded relationship with Sprint because it provides a way for its MVNO's customers to experience the simplicity and convenience of sending money home to family and loved ones through Xoom. Mobile adoption has been strong, accounting for 30 percent of transaction volume originated from a mobile device in the second quarter of 2013, compared to 18 percent a year ago."
King’s comments were followed by Sprint’s vice president, emerging and wholesale solutions, Bill Esrey when he said “Once again, Sprint is delivering a comprehensive solution for our MVNOs, enabling them to provide a greater array of services to their customers. International Money Transfer will provide a more convenient opportunity for MVNO end-users to send money internationally to friends and family securely through their mobile phone or tablet."
Sprint's prepaid brands, Boost Mobile and Virgin Mobile can also take advantage of the agreement with Xoom. All Android (News - Alert) phones available on the prepaid brands are preloaded with Xoom’s money transfer service. This is just the latest in a series of moves that Sprint is taking this year to catch up to the top three.
Edited by Alisen Downey
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