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Euronet's (EEFT) Ria Money, Nobel Financial Form Partnership

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Euronet Worldwide, Inc.’s (EEFT - Free Report) subsidiary Ria Money Transfer forged an alliance with Nobel Financial Inc., part of Nobel Ltd for transitioning 117 Nobel agents to the Ria Money brand, platform and network in the United States. Nobel is a leading company in the global telecommunications industry.

With this partnership, Noble customers can now send funds from various locations that consist of the 4,600+ Walmart and 2,100+ Kroger stores across the United States. They can even make the transactions from home with the help of the Ria Money Transfer application.

Customers now have access to Ria Money’s 490,000 payout locations in more than 165 countries and can complete transactions in as less as 10 minutes. Nobel customers in the United States can now use Ria Money’s Bill Pay service and network of more than 8,000 billers.

Ria Money will also be able to leverage Nobel Financial’s 20 plus years of expertise in the Liberian market and solidify its position in the region.

The unit runs the second biggest payments network and is constantly taking initiatives to boost its portfolio and expand its capabilities. It strives hard to ensure that customers can send funds wherever needed across the world in a safe and effective manner.

In 2019, this subsidiary of Euronet joined Ripple’s blockchain-based payments network seeking faster cross-border payments.

In June, Ria Money launched instant payments in Brazil. This was done through the nation’s new PIX real-time payments network. In May, it extended its distribution network through 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 Italy. Euronet also expanded its network with the launch of the Ria Money Transfer app in Chile.

Kroger selected Ria Money as its second money transfer service provider in the United States at all its approximately 2,000 locations.

Ria Money’s international fund transfer grew 16% year over year in 2020, which is pretty impressive. The business showed its effectiveness in bridging the gap between digital and physical transactions. Its omnichannel products and services along with Euronet’s global payout capabilities bode well for the segment.

The business is massively contributing to the parent company’s Money Transfer segment, which is well-poised for growth on the back of physical and digital distribution channels, acquisitions, etc.

Zacks Rank & Price Performance of Peers

Shares of this presently Zacks Rank #5 (Strong Sell) company have gained 40.9% in the past year, outperforming the  industry’s growth of 16.6%. The stock should continue its rally on the back of its solid EFT, epay and Money Transfer segments as well as increased digital transactions.

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Stocks to Consider

Some better-ranked stocks in the same space are CIT Group Inc. (CIT - Free Report) , XP Inc. (XP - Free Report) and HoulihanLokey, Inc. (HLI - Free Report) , earnings of which managed to deliver a trailing four-quarter surprise of 224.59%, 24.44% and 38.33%, respectively, on average. All the companies presently hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In-Depth Zacks Research for the Tickers Above

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CIT Group Inc. (CIT) - free report >>

Euronet Worldwide, Inc. (EEFT) - free report >>

Houlihan Lokey, Inc. (HLI) - free report >>

XP Inc. (XP) - free report >>