BOSS Money Introduces Domestic Money Transfers; Expands Delivery and Payment Options
BOSS Money, the remittance and payments brand of IDT , has launched a new domestic money transfer feature. Customers in the U.S. can now send money to Visa or Mastercard-branded bank or debit cards using the BOSS Money or BOSS Revolution apps, with credits typically occurring within minutes. Additionally, transfers can be made using cash through local authorized retailers.
The company has introduced new delivery and payment options for both domestic and international transfers, including direct-to-card transfers for recipients in Latin America, Africa, and the Philippines. Customers can also benefit from reduced transaction fees by funding transfers from their bank accounts. These enhancements aim to make financial services more accessible and affordable.
Esti Witty, EVP Product Management at BOSS Money, emphasized that these updates make sending money more convenient and affordable for customers, even for those without a smartphone, internet access, or a bank account.
- Launch of domestic money transfer feature enhances service offerings within the U.S.
- Direct-to-card transfers available for international recipients in Latin America, Africa, and the Philippines.
- Reduced transaction fees for transfers funded from bank accounts improve cost-efficiency for customers.
- Payments can be made using cash at authorized BOSS Money retailers, increasing accessibility.
- Initiatives make financial services more accessible and affordable, potentially expanding customer base and usage.
- No specific financial data or revenue projections provided regarding the new services.
- Possible increased competition in the domestic money transfer market, affecting market share.
- No clear information on potential regulatory challenges or compliance costs associated with the new services.
- Impact on overall profitability and operating costs not discussed.
Insights
The expansion of BOSS Money’s services to include domestic money transfers in the U.S. is a significant strategic move. This decision could potentially increase BOSS Money's market share by tapping into the substantial domestic remittance market, which is a niche underserved by many financial services. Importantly, the introduction of direct-to-card transfers that credit accounts within minutes enhances the speed and convenience of the service, which are important factors for users. Additionally, the reduced transaction fees for bank account-funded transfers are likely to attract cost-conscious users. However, investors should keep an eye on the competitive landscape, as other fintech companies may respond with similar offerings.
BOSS Money’s implementation of direct-to-card delivery and the ability to send money without a smartphone or internet access showcases significant technological innovation. These features cater to a broader audience, including unbanked or underbanked individuals, thereby broadening their user base. The use of Visa and Mastercard networks ensures wide acceptance and reliability of the service. Moreover, the speed of transactions being completed within minutes highlights a robust backend infrastructure capable of handling real-time processing. However, the success of these initiatives will depend on seamless user experience and the security measures in place to protect sensitive financial data.
Newark, NJ, June 04, 2024 (GLOBE NEWSWIRE) -- BOSS Money, the remittance and payments brand of IDT Corporation (NYSE: IDT), today announced several significant initiatives to expand its popular money transfer service, including remittances within the United States.
BOSS Money’s new domestic money transfer solution enables customers in the U.S., using the popular BOSS Money or BOSS Revolution apps, to send money to their recipients’ U.S.-issued Visa or Mastercard-branded bank or reloadable debit cards. In most instances, the recipients’ card accounts are credited within minutes.
Alternatively, senders can use cash to transfer money to their recipient’s card from their local authorized BOSS Money retailer.
“With the launch of our domestic money transfer service, BOSS Money continues to make essential financial services more accessible. You can now send money within the U.S. even without a smartphone, internet access or a bank account,” said Esti Witty, EVP Product Management at BOSS Money.
BOSS Money also announced the recent launch of new delivery and payment options.
For money transfers from the U.S. to international destinations, BOSS Money customers can now transfer funds directly to their recipient’s in-country Visa-branded (and, in some instances, Mastercard-branded) debit or reloadable cards. Direct-to-card delivery is currently available for transfers to cards issued in popular Latin American and African destinations, as well as to the Philippines.
In addition, BOSS Money customers sending money both within the U.S. and internationally can now take advantage of reduced transaction fees by funding their transfer directly from their bank account instead of using their debit or credit card. This new, low-fee payment option is available to customers using either the BOSS Money or BOSS Revolution app.
Added Witty, “With our newest direct-to-card delivery and affordable bank account payment options, sending money to family and friends across the country or around the world is more convenient and affordable than ever.”
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
Contact:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail: invest@idt.net
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