PayPal will enable Yellow Card to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom. Yellow Card launched in Botswana in October 2022 after being the first crypto exchange to receive an operating license in the country.
The move follows last year's integration, enabling Yellow Card to become the first fintech in Africa to list PYUSD.
Xoom will use PYUSD to settle cross-border money transfers made by PayPal customers via Yellow Card's stablecoin-based payment rails, helping to optimize cross-border transactions and make them quicker to process and less costly. In addition, Yellow Card's payout capabilities will soon enable PayPal customers to send funds to friends and family across Africa, with money deposited in their local African bank or mobile money accounts.
"We are thrilled to partner with Xoom to support money transfers made by PayPal customers across the African continent and rising world. 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," said Chris Maurice, CEO and Co-Founder of Yellow Card.