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Euronet's (EEFT) Unit, Banco Rendimento Form Partnership
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Euronet Worldwide, Inc.’s (EEFT - Free Report) unit Ria Money Transfer recently launched instant payments in Brazil. This was done through the nation’s new PIX real time payments network. Ria Money will take part in the PIX network via its alliance with Banco Rendimento to enable local BRL transfers and payment transactions 24*7 including holidays and weekends.
Customers can now gain traction from the feasibility of the new digital infrastructure for receiving funds within a few seconds at reasonable rates. PIX is the single brand for the instant payment chain, which was launched by the Central Bank of Brazil last November. This unique solution allows transfer and receipt of cash solely through the PIX key related to the account. Notably, it enriches customer experience by eradicating the manual inputs of bank account details, which may induce mistakes. People who were hitherto excluded from electronic payments can now enjoy seamless money transfers.
This is not the first time that Ria Money enabled fintech for all customers to experience a better and more competitively-priced payment process. This new deal complements the segment’s leading range of bank deposit abilities. Ria Money is well-poised for growth on the back of alliances.
Last month, Ria Money extended its distribution network with the help of an alliance with Mooney to further establish its dominance by providing services to the latter’s 45,000 points of sale and 20 million customers in the European country.
Kroger selected Ria Money as its second money transfer service provider in the United States at all its approximately 2,000 locations. The company also expanded its footprint in Israel by launching Ria Money service at WIC WorldCom.
Ria Money is massively contributing to strengthen the company’s Money Transfer segment. Its international fund transfer grew 16% year over year in 2020, which is pretty impressive. In the first quarter, Euronet saw international outbound transaction growth of 27% against the World Bank’s projection of a 7% downfall. The segment also witnessed a whopping 125% rise in its digital transactions. Notably, Ria Money has the most advanced bank deposit network in the world.
Also, the global remittance market is well-placed for growth and further coupled with higher adoption of digital transactions, it bodes well for Euronet in the long haul.
Zacks Rank & Price Performance of Peers
Shares of Euronet have gained 15.9% in six months’ time compared with the industry’s growth of 18.8%. The stock should continue its rally owing to its solid EFT, epay and Money Transfer segments along with increased digital transactions.
Image Source: Zacks Investment Research
Other stocks in the same space including XP Inc. (XP - Free Report) , Moodys Corporation (MCO - Free Report) and Virtu Financial, Inc. (VIRT - Free Report) have also rallied 18.6%, 23.8% and 25%, respectively, in the same time frame.
Euronet, currently carries a Zacks Rank #5 (Sell).
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Euronet's (EEFT) Unit, Banco Rendimento Form Partnership
Euronet Worldwide, Inc.’s (EEFT - Free Report) unit Ria Money Transfer recently launched instant payments in Brazil. This was done through the nation’s new PIX real time payments network. Ria Money will take part in the PIX network via its alliance with Banco Rendimento to enable local BRL transfers and payment transactions 24*7 including holidays and weekends.
Customers can now gain traction from the feasibility of the new digital infrastructure for receiving funds within a few seconds at reasonable rates.
PIX is the single brand for the instant payment chain, which was launched by the Central Bank of Brazil last November. This unique solution allows transfer and receipt of cash solely through the PIX key related to the account. Notably, it enriches customer experience by eradicating the manual inputs of bank account details, which may induce mistakes. People who were hitherto excluded from electronic payments can now enjoy seamless money transfers.
This is not the first time that Ria Money enabled fintech for all customers to experience a better and more competitively-priced payment process. This new deal complements the segment’s leading range of bank deposit abilities. Ria Money is well-poised for growth on the back of alliances.
Last month, Ria Money extended its distribution network with the help of an alliance with Mooney to further establish its dominance by providing services to the latter’s 45,000 points of sale and 20 million customers in the European country.
Kroger selected Ria Money as its second money transfer service provider in the United States at all its approximately 2,000 locations. The company also expanded its footprint in Israel by launching Ria Money service at WIC WorldCom.
Ria Money is massively contributing to strengthen the company’s Money Transfer segment. Its international fund transfer grew 16% year over year in 2020, which is pretty impressive. In the first quarter, Euronet saw international outbound transaction growth of 27% against the World Bank’s projection of a 7% downfall. The segment also witnessed a whopping 125% rise in its digital transactions. Notably, Ria Money has the most advanced bank deposit network in the world.
Also, the global remittance market is well-placed for growth and further coupled with higher adoption of digital transactions, it bodes well for Euronet in the long haul.
Zacks Rank & Price Performance of Peers
Shares of Euronet have gained 15.9% in six months’ time compared with the industry’s growth of 18.8%. The stock should continue its rally owing to its solid EFT, epay and Money Transfer segments along with increased digital transactions.
Other stocks in the same space including XP Inc. (XP - Free Report) , Moodys Corporation (MCO - Free Report) and Virtu Financial, Inc. (VIRT - Free Report) have also rallied 18.6%, 23.8% and 25%, respectively, in the same time frame.
Euronet, currently carries a Zacks Rank #5 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>