PayPal hopes to launch Xoom in Cuba before the end of the year

paypal xoom cuba obama castro
Reuters
President Barack Obama brought along a number of tech companies on his historic trip to Cuba this week, and PayPal was among them. In a recent blog post, PayPal president Dan Schulman wrote that PayPal’s global money transferring service Xoom will hopefully launch in Cuba by the end of the year.

President Obama’s visit to Cuba, the first for a sitting president since Calvin Coolidge in 1928, is the result of the United States re-establishing diplomatic relations with Cuba last July.

While in Cuba, Schulman and executives from companies such as Priceline, Stripe, and Google’s parent company Alphabet met with Cuban entrepreneurs. Schulman attests the billions of dollars Cuba receives annually from remittances will be Xoom’s entry into the country. Remittances are money sent for goods, services or gifts, the basis of money transferring services such as PayPal’s Venmo and Western Union. Each year, Cuba receives $2 billion in remittances from the United States.

Xoom allows people to send money to one another across the world and have it directly deposited into the recipient’s bank account. PayPal completed its acquisition of Xoom in November 2015 and Schulman described launching Xoom in Cuba as a “natural first step” in the blog post. “Introducing these money transfer services will not only foster financial inclusion,” Schulman wrote “but they can have a positive impact on the day to day quality of life — eliminating long lines and fostering greater choice in this community.”

You have to crawl before you walk, though. In an interview with Bloomberg, Schulman admitted that while trade between the U.S. and Cuba is being discussed, it still has a ways to go. “Both the U.S. government and Cuban government are still establishing the guidelines for exactly how trade is to be conducted.” The U.S. has had an embargo on all trades with Cuba since President Dwight Eisenhower instituted one on October 19, 1960.

PayPal is talking with Cuban authorities and the U.S. Treasury Department to “help expedite” the company’s availability in Cuba. Xoom is currently available in 42 countries around the world.

Mobile

New Boox Note Pro is all the ebook reading device you’ll ever need

The Boox Note Pro is an impressive ebook reader that combines so many features and services, that you're unlikely to need any other reading or note-taking device. We took a closer look at CES 2019.
Movies & TV

NBCUniversal will launch its own streaming service in 2020

NBCU is prepping a streaming service filled with its original content for a debut sometime next year, meaning that Michael, Dwight, and the rest of the Scranton crew might be moving to a new home.
Movies & TV

The best shows on Netflix, from 'Haunting of Hill House’ to ‘Norsemen’

Looking for a new show to binge? Lucky for you, we've curated a list of the best shows on Netflix, whether you're a fan of outlandish anime, dramatic period pieces, or shows that leave you questioning what lies beyond.
Cars

Ford’s app-based ‘Chariot’ shuttle service is offering its final rides

Chariot, the app-based crowdsourced ride service owned by Ford, is shutting down in the coming weeks. Launched in 2014, the bus-like service has apparently been unable to deal with competition from the likes of Uber and Lyft.
Mobile

A new Twitter page signals Oppo’s official launch in the U.K.

You may not have heard of them, but Oppo -- parent company of OnePlus -- is on its way to the U.K., While details on the launch are thin on the ground, we expect to hear more about this launch in the near future.
Home Theater

Smart speakers the likely cause of Chromecast Audio’s untimely demise

Goodbye Chromecast Audio, we hardly knew you. Google confirms rumors that it has killed Chromecast Audio, the inexpensive wireless music streamer that let people breathe new life into their old audio systems.
Emerging Tech

SpaceX nails its first launch and landing of 2019, but job cuts loom

SpaceX has nailed its first launch and landing of 2019 with a mission that deployed more satellites for Virginia-based Iridium Communications. But the success was soured somewhat by reports of upcoming job losses at the company.
Business

‘Aquaman’ becomes first DC cinematic universe movie to cross $1 billion

Aquaman fell to second place at the weekend box office, but its worldwide earnings crossed the $1 billion mark, making it the first film in Warner Bros. Pictures' DC Extended Universe to do so.
Emerging Tech

The enormous ‘Flying Bum’ moves toward a commercial design

A prototype of the world's largest aircraft is being retired as the company behind it prepares to build a production model. The new Airlander 10, also known as the "Flying Bum," could be ready for commercial use by 2025.
Music

Tidal faces legal jeopardy over fake stream numbers accusation

In another challenging chapter for music subscription service Tidal, Norwegian authorities have begun a formal investigation into charges that the company faked millions of streams for artists such as Kanye West and Beyoncé.
Deals

Best tax software deals from TurboTax, H&R Block, and more

Do you dread doing your taxes? Luckily for you, there are plenty of tax software options available to guide you through the process. And guess what? Some of them are even on sale today! Check out deals from TurboTax, H&R Block, and…
Business

Cathay Pacific messes up first-class ticket prices — again

A couple of weeks ago, an error on Cathay Pacific's website resulted in first-class seats selling for a tenth of the price. On Sunday, January 13, the airline made the error again. The good news is that it'll honor the bookings.
Emerging Tech

Drones: New rules could soon allow flights over people and at night

With commercial operators in mind, the U.S. government is looking to loosen restrictions on drone flights with a set of proposals that would allow the machines greater freedom to fly over populated areas and also at night.