PayPal has officially acquired the digital payment service Xoom for $890 million. The company first announced the acquisition in July, but the process was just completed.
Xoom deals primarily with international money transfers, focusing in markets like Mexico, India, China, Brazil and the Philippines. PayPal plans to utilize Xoom's platform to expand its global marketplace and give its 173 million active users even more opportunities to send money and pay bills online.
In addition to acquiring Xoom as a company, PayPal now has 1.5 million new active customers in the United States to add to its roster. Within the last year, more than $7.1 billion has been sent through Xoom to people in over 40 countries. Xoom users are particularly fans of mobile money transfers, with 60% of the active users working mostly from their mobile devices.