Euronet Worldwide, Inc. (EEFT - Free Report) recently partnered with Visa Inc. (V - Free Report) to drive growth of fintech companies in the Asia-Pacific area.
Per the deal, Euronet’s Digital Integrated Payment Cloud (DIPC) and its range of Application Program Interface (APIs) will enable fintechs control the lifecycle of card issuing programs in digital or any other form factor.
Additionally, DIPC’s sandbox and development tools offer advanced and developer friendly environments for fintechs. The new program will include advanced features such as, quick go-to market, highly configurable payment platform, et al, uniquely designed to cater to unique challenges for the fintech ecosystem.
Certified as Visa Ready, the DIPC has been certified in more than 15 Asia Pacific markets.
The company has invested into Payments as a Service (PaaS) offerings, powered by the DIPC, in a bid to enhance fintechs’ seamlessness, security and quick go-to market abilities as an-demand partner. Euronet’s microservices-based technology and native cloud APIs provide payment experiences that are geographically customized and currently power solutions for more than 20 customers in APAC. This includes digibank for DBS in India and card services for Standard Chartered.
Asia-Pacific Holds Promise
With a population of 4.3 billion, the region holds immense potential for innovation and has a projected digital payment potential of $23 trillion by 2030. Euronet’s EFT Segment and Epay segment has been benefiting from this region over the past several quarters.
The Asia-Pacific remittance industry looks attractive, given the rise in mobile-based payment channels owing to the use of technology in everyday lives, reduced remittance costs and transfer time, and increasing adoption of banking & financial services. Last month, MoneyGram International, Inc. (MGI - Free Report) expanded digital capabilities in the Asia-Pacific region to provide consumers in the region with more options to transfer money.
Shares of this Zacks Rank #3 (Hold) company have gained 62.9% in a year’s time, outperforming the industry’s growth of 29.4%.
Stock to Consider
A better-ranked stock in the same space is AXA Equitable Holdings Incorporation (EQH - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AXA Equitable Holdings works as a diversified financial services company. The company beat estimates in the trailing four quarters by 12.4%, on average.
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