Can I use Mobil 1 multipurpose transmission fluid for my 2002 v70/XC

 

Your car calls for Volvo gearbox oil ( PN# 1161540-8) which maps to the JWS 3309 standard. So check the label on the product to see if it meets that spec.

 

As the post above says; check for the JWS 3309 spec.
If it's not there you can use Valvoline Maxlife Dex/Merc LV.
The LV is the determining notation as this product is not plain old Dex/Merc. It's in a red jug and is full synthetic.
I've used gallons of the stuff in our transmissions (AW 55-50).

Just as an alternative, check the price of whatever 3309 substitute you find against real Volvo fluid either through a internet parts house (eEuroparts, fcpeuroparts, AutohausAZ) or. Amazon.