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Euronet Worldwide Inc (NASDAQ: EEFT) is a global leader in processing secure electronic financial and payment transactions. The company operates through three main segments: EFT Processing, epay, and Money Transfer. Euronet provides its services to a wide range of clients including financial institutions, mobile operators, merchants, and money transfer sending and receiving agents.
In the EFT Processing segment, Euronet manages one of the largest independent ATM networks in Europe and the largest shared ATM network in India. The company generates revenue from ATM management fees and currency conversion transactions, providing convenience and accessibility to customers.
The epay segment focuses on electronic distribution of prepaid mobile airtime and other prepaid products. Euronet is recognized as the world's largest processor of prepaid mobile airtime, serving a vast global market.
The Money Transfer segment continues to grow, making Euronet the third-largest global money transfer company. The company facilitates secure and efficient money transfers across various countries, ensuring reliable service for users worldwide.
Euronet's proprietary software offers comprehensive solutions tailored to leading financial institutions around the globe. Its technology enhances the capabilities of financial services, supporting eCommerce transactions and more.
With extensive operations across the United States, Europe, the Middle East, and Asia-Pacific, Euronet effectively caters to both emerging and established markets. Recent achievements include expanding their IAD ATM network to 32 European countries and 38 countries globally, and acquiring 800 ATMs in Malaysia, solidifying its position as the largest non-bank ATM operator in the country.
Latest News:
- The company’s IAD ATM network footprint now includes 32 countries in Europe and 38 countries globally.
- Euronet reports the following consolidated results for the full year 2023 compared with the same period of 2022.
- Technology addition to bolster the capabilities of Euronet’s Ren payments platform with issuing and acquirer processing of eCommerce transactions.
- A comprehensive offering will be available to the companies’ combined customer base of more than 285,000 merchants as well as the broader Greek market.
- Euronet will acquire about 800 ATMs, making it the largest non-bank ATM terminal operator in Malaysia. For more information, please visit www.paynet.my.
With a commitment to secure and efficient electronic payment solutions, Euronet Worldwide Inc continues to lead and innovate in the financial transaction processing industry.
Ria Money Transfer has partnered with Thunes to enhance cross-border payment services, significantly expanding its reach to over 100 million mobile account users. This strategic collaboration allows Ria to offer direct fund transfers to mobile wallets and bank accounts in key markets across Asia, Africa, and LATAM. The partnership supports Ria's continued growth in digital services, leveraging Thunes' advanced technological capabilities. Both CEOs expressed their commitment to increasing accessibility to remittance services globally.
Euronet Worldwide (NASDAQ: EEFT) has announced a conference call to discuss its third quarter 2020 earnings results, set for October 28, 2020, at 9:00 a.m. Eastern Time. A webcast will be available, and playback can be accessed shortly after the presentation. Euronet is a leading global financial technology provider offering diverse payment solutions, including ATM services, card issuing, and money transfer services. The company's extensive network includes over 41,648 ATMs and a presence in approximately 170 countries.
Euronet Worldwide (NASDAQ: EEFT) announced that its epay division will manage monthly billing for Microsoft’s Xbox Game Pass Ultimate and Xbox All Access subscriptions globally. This agreement allows epay to leverage its existing relationships with telecommunications retailers to process sales of these gaming subscriptions. The deal taps into the burgeoning mobile gaming market, projected to generate $77.2 billion in 2020, as Xbox aims to expand its reach with cloud gaming across 22 markets. Xbox Game Pass has over 10 million members globally, bolstering this subscription model.
Euronet Worldwide (NASDAQ: EEFT) reported a challenging second quarter 2020, with revenues of $527.8 million, a 24% decrease from 2019.
Operating loss was ($101.3 million), contrasting sharply with operating income of $117.9 million the previous year. Net loss attributable was ($115.8 million) or ($2.18 per diluted share.
Despite significant challenges, the company maintained a strong balance sheet with over $1.2 billion in cash and no debt maturities for five years, enabling operational stability during the pandemic.
Ria Money Transfer has partnered with OXXO, Mexico's largest convenience store chain, to enhance money transfer options for customers. This collaboration allows users to receive up to $100 USD per transaction at OXXO's 19,000 locations, with cash withdrawals of up to 2,500 pesos available daily from 6 am to 10 pm. This service aims to meet the growing demand for remittance services, as Mexico ranks third globally in inbound remittances. Ria emphasizes its commitment to low fees and customer convenience, reinforcing its position as a leader in the money transfer market.
Ria Money Transfer, a subsidiary of Euronet Worldwide (NASDAQ: EEFT), has launched a new visual identity following a comprehensive rebranding initiative aimed at enhancing customer connection. The rebranding includes a new logo symbolizing individual users, and a contemporary design that honors Ria's diverse clientele. The company focuses on providing fast, affordable money transfer services globally, emphasizing the importance of being part of customers' lives. The rebranding aligns with Ria's expansion strategy and commitment to community support.
Euronet Worldwide appointed Michael N. Frumkin to its Board of Directors effective June 9, 2020. Frumkin is the founder of Google's Accelerated Science Team, bringing extensive experience in machine intelligence and software engineering. His prior roles include Chief Technology Officer at Gamechange and software engineer at NeXT and Excite. Euronet aims to leverage his expertise to enhance technology solutions in its operations.
Euronet's subsidiary, Ria Money Transfer, has launched its Ria Money Transfer App in Europe, starting with France and Germany, and planning to expand to 13 countries by June 2020. This launch comes at a critical time during the COVID-19 pandemic, providing customers with a convenient way to send money without leaving home. The app supports transactions across 402,000 locations and over 3 billion bank accounts. Ria aims to offer safe, digital alternatives for money transfers while ensuring the availability of its physical network for an omnichannel experience.
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