PayPal has today launched its international money transfer service, Xoom, in Ireland.

Xoom enables people in Ireland to quickly send money to, pay bills for and top up phones in more than 130 markets internationally.

Xoom customers can send up to €25,000 in a single transaction and existing PayPal customers can use their PayPal account to access the service. 

The global remittance market is an estimated $689 billion industry, with Irish people remitting over $2.5 billion annually. 

Ireland is home to more than half a million non-Irish nationals and many of them support family members overseas for things like medical bills, education, utility bills and other financial needs.

Dan Schulman, PayPal's CEO and President, said the way people move and manage money has changed dramatically in the last few years. 

"We have moved beyond the days when the only option for sending money abroad was to queue at a counter for hours," he said.

"With Xoom, someone with a smartphone on a bus in Dublin, Limerick or Dundalk can send money that can be accessed quickly in Mumbai, Lagos or Nairobi to pay for a family member's medical emergency or urgent financial needs," he added.