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Mastercard (MA) Eases International Money Transfers in South Africa
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Mastercard Incorporated (MA - Free Report) recently collaborated with South Africa-based Bidvest Bank to introduce an innovative remittance platform that aims to provide greater choice and convenience while sending real-time international remittances by the country’s inhabitants. The solution, which has been named Bidvest Bank BidSend, is bundled with multiple benefits and has been built by harnessing the power of MA’s cross-border services.
The strength of the tech giant’s services has infused the new platform with user-friendly and convenient features that pave the way for seamless payments. Mastercard will also offer the advantage of an extensive real-time payment network to Bidvest Bank. The network empowers senders to send money across 103 countries and offers the flexibility to choose the preferred payout option for the beneficiary, which can either be cash payouts or payouts into a mobile wallet or bank account.
A debit or credit card can be put to use for completing payment transactions on the newly-introduced platform. The fees for sending money using BidSend are also comparatively less than traditional international payments, thereby substantiating the cost-effective nature of the platform. The support of Mastercard also provides a unique advantage to the platform users to conduct transactions through Progressive Web App or WhatsApp. Therefore, the platform tends to take care of the evolving customer needs across the payment landscape of South Africa.
The latest tie-up is likely to upgrade the traditional remittance channels of the country and bring nationwide account and non-account-holders under the ambit of a booming digital economy. The presence of a trusted partner like Mastercard, whose digital arm is built with the help of several collaborations and investments, infuses a sense of security for South Africa’s customers to avail the BidSend platform for sending international payments.
As South Africa occupies the top spot of sending international remittances among the African nations (per the World Bank), the recent partnership between Mastercard and Bidvest Bank seems to be a time opportune one. The footprint of the tech giant in South Africa will receive a further boost with moves similar to the latest one. An expanding digital economy of the country may have prompted MA to undertake such a significant stride of technology advancement. Elevated Internet usage and rising adoption of smartphones are expected to spur the nation’s digital growth in the days ahead.
In June 2023, Mastercard teamed up with South Africa’s payment service provider, PayU, in a bid to extend the benefits of its online checkout platform, Click to Pay, to ensure a safe checkout experience for consumers in the country. MA remains steadfast in leveraging innovative technology and coming up with advanced digital payment options, with an ulterior aim to provide individuals with a hassle-free payment experience and greater access to underserved communities in the financial and digital ecosystem.
Shares of Mastercard have gained 17.4% in the past year compared with the industry’s 17.7% growth. MA currently carries a Zacks Rank #3 (Hold).
The bottom line of Barrett Business Services outpaced estimates in each of the last four quarters, the average surprise being 73.95%. The Zacks Consensus Estimate for BBSI’s 2023 earnings suggests an improvement of 8.6% from the year-ago reported figure. The consensus mark for revenues suggests growth of 3.9% from the year-ago reported number. The consensus mark for BBSI’s 2023 earnings has moved 4.7% north in the past 60 days.
Parsons’ earnings outpaced estimates in two of the trailing four quarters, matched the mark once and missed the same on the remaining one occasion, the average surprise being 9.95%. The Zacks Consensus Estimate for PSN’s 2023 earnings suggests an improvement of 31.5% from the year-ago reported figure. The consensus mark for revenues suggests growth of 25.4% from the year-ago reported number. The consensus mark for PSN’s 2023 earnings has moved 2.6% north in the past 30 days.
The bottom line of RB Global outpaced estimates in each of the last four quarters, the average surprise being 18.93%. The Zacks Consensus Estimate for RBA’s 2023 earnings suggests an improvement of 12.5% from the year-ago reported figure. The consensus mark for RBA’s 2023 earnings has moved 7.5% north in the past 30 days.
Shares of Barrett Business Services, Parsons and RB Global have gained 15.3%, 33.1% and 18.5%, respectively, in the past year.
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Mastercard (MA) Eases International Money Transfers in South Africa
Mastercard Incorporated (MA - Free Report) recently collaborated with South Africa-based Bidvest Bank to introduce an innovative remittance platform that aims to provide greater choice and convenience while sending real-time international remittances by the country’s inhabitants. The solution, which has been named Bidvest Bank BidSend, is bundled with multiple benefits and has been built by harnessing the power of MA’s cross-border services.
The strength of the tech giant’s services has infused the new platform with user-friendly and convenient features that pave the way for seamless payments. Mastercard will also offer the advantage of an extensive real-time payment network to Bidvest Bank. The network empowers senders to send money across 103 countries and offers the flexibility to choose the preferred payout option for the beneficiary, which can either be cash payouts or payouts into a mobile wallet or bank account.
A debit or credit card can be put to use for completing payment transactions on the newly-introduced platform. The fees for sending money using BidSend are also comparatively less than traditional international payments, thereby substantiating the cost-effective nature of the platform. The support of Mastercard also provides a unique advantage to the platform users to conduct transactions through Progressive Web App or WhatsApp. Therefore, the platform tends to take care of the evolving customer needs across the payment landscape of South Africa.
The latest tie-up is likely to upgrade the traditional remittance channels of the country and bring nationwide account and non-account-holders under the ambit of a booming digital economy. The presence of a trusted partner like Mastercard, whose digital arm is built with the help of several collaborations and investments, infuses a sense of security for South Africa’s customers to avail the BidSend platform for sending international payments.
As South Africa occupies the top spot of sending international remittances among the African nations (per the World Bank), the recent partnership between Mastercard and Bidvest Bank seems to be a time opportune one. The footprint of the tech giant in South Africa will receive a further boost with moves similar to the latest one. An expanding digital economy of the country may have prompted MA to undertake such a significant stride of technology advancement. Elevated Internet usage and rising adoption of smartphones are expected to spur the nation’s digital growth in the days ahead.
In June 2023, Mastercard teamed up with South Africa’s payment service provider, PayU, in a bid to extend the benefits of its online checkout platform, Click to Pay, to ensure a safe checkout experience for consumers in the country. MA remains steadfast in leveraging innovative technology and coming up with advanced digital payment options, with an ulterior aim to provide individuals with a hassle-free payment experience and greater access to underserved communities in the financial and digital ecosystem.
Shares of Mastercard have gained 17.4% in the past year compared with the industry’s 17.7% growth. MA currently carries a Zacks Rank #3 (Hold).
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Stocks to Consider
Some better-ranked stocks in the Business Services space are Barrett Business Services, Inc. (BBSI - Free Report) , Parsons Corporation (PSN - Free Report) and RB Global, Inc. (RBA - Free Report) . While Barrett Business Services sports a Zacks Rank #1 (Strong Buy), Parsons and RB Global carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Barrett Business Services outpaced estimates in each of the last four quarters, the average surprise being 73.95%. The Zacks Consensus Estimate for BBSI’s 2023 earnings suggests an improvement of 8.6% from the year-ago reported figure. The consensus mark for revenues suggests growth of 3.9% from the year-ago reported number. The consensus mark for BBSI’s 2023 earnings has moved 4.7% north in the past 60 days.
Parsons’ earnings outpaced estimates in two of the trailing four quarters, matched the mark once and missed the same on the remaining one occasion, the average surprise being 9.95%. The Zacks Consensus Estimate for PSN’s 2023 earnings suggests an improvement of 31.5% from the year-ago reported figure. The consensus mark for revenues suggests growth of 25.4% from the year-ago reported number. The consensus mark for PSN’s 2023 earnings has moved 2.6% north in the past 30 days.
The bottom line of RB Global outpaced estimates in each of the last four quarters, the average surprise being 18.93%. The Zacks Consensus Estimate for RBA’s 2023 earnings suggests an improvement of 12.5% from the year-ago reported figure. The consensus mark for RBA’s 2023 earnings has moved 7.5% north in the past 30 days.
Shares of Barrett Business Services, Parsons and RB Global have gained 15.3%, 33.1% and 18.5%, respectively, in the past year.