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Mastercard (MA) Tie-Up to Ease Cross-Border Payments in Lebanon
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Mastercard Incorporated (MA - Free Report) recently collaborated with Lebanon-based bank, Credit Libanais, in a bid to extend modernized and affordable cross-border payment services throughout the country.
To complement MA’s endeavor, the Mastercard Cross-Border Services platform will enable swift receipt of inbound cross-border remittances in U.S. dollars into the accounts of Credit Libanais’ clients. This Lebanese bank plans to offer the same cross-border payments facility by leveraging MA’s cross-border platform to benefit customers of other Lebanon-based banks.
The Mastercard Cross-Border Services platform is frequently chosen by various financial institutions from all over the world to bring about simplified cross-border payments. The platform remains lucrative as it boasts a strongly interconnected banking network and is backed by more than five-decade expertise in the seamless processing of digital payments.
Quite evidently, Mastercard has made a notable mark across Lebanon with the latest tie-up, as it remains the country’s first-of-its-kind collaboration to upgrade the remittance process and enables account holders to receive funds safely and swiftly.
The partnership is expected to be highly beneficial to Mastercard in accelerating cross-border remittances throughout Lebanon. Consequently, MA can establish a solid foothold and occupy a significant share in the country’s cross-border payments market through increased utilization of the Mastercard Cross-Border Services platform.
Mastercard seems to be prudent in agreeing to join forces with a Lebanese bank as the country continues to witness growing digital money transfers, thereby providing MA with the perfect ground to capitalize on. Per the World Bank, Lebanon is one of the highest remittance-recipient countries in the Middle East and North Africa (MENA), with the country receiving remittances of $6.6 billion last year.
Mastercard has frequently resorted to harnessing promising digital growth prospects of the MENA region either in the form of entering into partnerships with the region’s financial institutions or by undertaking significant investments.
The MENA region continues to witness a booming digital economy driven by factors such as increased Internet penetration and higher usage of smartphones. MA remains focused on promoting the digitization of the money movement process, as it will be a cost-effective option for customers worldwide.
Shares of Mastercard have gained 1.3% in a year against the industry's 15.4% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Mastercard currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Business Services space are Ritchie Bros. Auctioneers Incorporated (RBA - Free Report) , SPX Technologies, Inc. (SPXC - Free Report) and ExlService Holdings, Inc. (EXLS - Free Report) . While Ritchie Bros. sports a Zacks Rank #1 (Strong Buy), SPX Technologies and ExlService 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 Ritchie Bros. outpaced estimates in three of the last four quarters and missed the mark once, the average being 20.83%. The Zacks Consensus Estimate for RBA’s 2022 earnings suggests an improvement of 15% from the year-ago reported figure. The same for revenues suggests growth of 21% from the year-ago actual. The consensus mark for BBSI’s 2022 earnings has moved 3.7% north in the past 60 days.
SPX Technologies’ earnings outpaced estimates in each of the trailing four quarters, the average being 15.38%. The Zacks Consensus Estimate for SPXC’s 2022 earnings suggests an improvement of 24.9% from the year-ago reported figure. The same for revenues suggests growth of 8.9% from the year-ago actual. The consensus mark for SPXC’s 2022 earnings has moved 2.5% north in the past 60 days.
The bottom line of ExlService outpaced estimates in each of the last four quarters, the average being 9.10%. The Zacks Consensus Estimate for EXLS’s 2022 earnings suggests an improvement of 22.8% from the year-ago reported figure. The same for revenues suggests growth of 24.6% from the year-ago actual. The consensus mark for EXLS’s 2022 earnings has moved 4% north in the past 60 days.
Shares of SPX Technologies and ExlService have gained 16% and 32.8%, respectively, in a year. However, the Ritchie Bros. stock has lost 10% in the same time frame.
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Mastercard (MA) Tie-Up to Ease Cross-Border Payments in Lebanon
Mastercard Incorporated (MA - Free Report) recently collaborated with Lebanon-based bank, Credit Libanais, in a bid to extend modernized and affordable cross-border payment services throughout the country.
To complement MA’s endeavor, the Mastercard Cross-Border Services platform will enable swift receipt of inbound cross-border remittances in U.S. dollars into the accounts of Credit Libanais’ clients. This Lebanese bank plans to offer the same cross-border payments facility by leveraging MA’s cross-border platform to benefit customers of other Lebanon-based banks.
The Mastercard Cross-Border Services platform is frequently chosen by various financial institutions from all over the world to bring about simplified cross-border payments. The platform remains lucrative as it boasts a strongly interconnected banking network and is backed by more than five-decade expertise in the seamless processing of digital payments.
Quite evidently, Mastercard has made a notable mark across Lebanon with the latest tie-up, as it remains the country’s first-of-its-kind collaboration to upgrade the remittance process and enables account holders to receive funds safely and swiftly.
The partnership is expected to be highly beneficial to Mastercard in accelerating cross-border remittances throughout Lebanon. Consequently, MA can establish a solid foothold and occupy a significant share in the country’s cross-border payments market through increased utilization of the Mastercard Cross-Border Services platform.
Mastercard seems to be prudent in agreeing to join forces with a Lebanese bank as the country continues to witness growing digital money transfers, thereby providing MA with the perfect ground to capitalize on. Per the World Bank, Lebanon is one of the highest remittance-recipient countries in the Middle East and North Africa (MENA), with the country receiving remittances of $6.6 billion last year.
Mastercard has frequently resorted to harnessing promising digital growth prospects of the MENA region either in the form of entering into partnerships with the region’s financial institutions or by undertaking significant investments.
The MENA region continues to witness a booming digital economy driven by factors such as increased Internet penetration and higher usage of smartphones. MA remains focused on promoting the digitization of the money movement process, as it will be a cost-effective option for customers worldwide.
Shares of Mastercard have gained 1.3% in a year against the industry's 15.4% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Mastercard currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Business Services space are Ritchie Bros. Auctioneers Incorporated (RBA - Free Report) , SPX Technologies, Inc. (SPXC - Free Report) and ExlService Holdings, Inc. (EXLS - Free Report) . While Ritchie Bros. sports a Zacks Rank #1 (Strong Buy), SPX Technologies and ExlService 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 Ritchie Bros. outpaced estimates in three of the last four quarters and missed the mark once, the average being 20.83%. The Zacks Consensus Estimate for RBA’s 2022 earnings suggests an improvement of 15% from the year-ago reported figure. The same for revenues suggests growth of 21% from the year-ago actual. The consensus mark for BBSI’s 2022 earnings has moved 3.7% north in the past 60 days.
SPX Technologies’ earnings outpaced estimates in each of the trailing four quarters, the average being 15.38%. The Zacks Consensus Estimate for SPXC’s 2022 earnings suggests an improvement of 24.9% from the year-ago reported figure. The same for revenues suggests growth of 8.9% from the year-ago actual. The consensus mark for SPXC’s 2022 earnings has moved 2.5% north in the past 60 days.
The bottom line of ExlService outpaced estimates in each of the last four quarters, the average being 9.10%. The Zacks Consensus Estimate for EXLS’s 2022 earnings suggests an improvement of 22.8% from the year-ago reported figure. The same for revenues suggests growth of 24.6% from the year-ago actual. The consensus mark for EXLS’s 2022 earnings has moved 4% north in the past 60 days.
Shares of SPX Technologies and ExlService have gained 16% and 32.8%, respectively, in a year. However, the Ritchie Bros. stock has lost 10% in the same time frame.