Euronet Worldwide, Inc. (EEFT - Free Report) will be providing Standard Chartered with dynamic currency conversion (DCC) services at around 1000 ATMs in 14 countries across Asia Pacific and the Middle East. This new provision will be implemented with the help of Euronet’s Digital Integrated Payments Cloud (DIPC).
The company is elected to provide DCC services on ATMs using an intrabank, intercountry network that Euronet built for Standard Chartered. In order to deliver DCC service on ATMs on transaction-by-transaction basis, the bank’s network connects to the DIPC.
DCC enables international customers to make transactions in their own currency with a VISA or Mastercard at an ATM or point of sale (POS) terminal. This unique and convenient solution eradicates the possibility of price uncertainty, allowing transparency for customers while withdrawing local currency from a foreign ATM. This consists of exchange rate calculations and service charges.
Euronet expects to add value to Standard Chartered through this DCC offering while gaining traction from Euronet’s ability to maintain ATM networks in expanded geographies as well as its advanced cloud-based technology. This strategic action is expected to attract foreign cardholders who are comfortable using the DCC service while making payments.
This move is in-line with the company’s commitment to provide feasible and reliable payment solutions for its customers.
Notably, last month, this leading global financial technology solutions and payments provider joined forces with Visa to strengthen its payment services and facilitate fintech growth in the Asia-Pacific region.
Euronet’s expanding portfolio boasts a global payment network of 47,209 ATMs; nearly 305,000 EFT POS terminals and outsourced debit and credit card services under management across 54 countries; a global money transfer network of approximately 389,000 locations, etc. All these bode well for the long haul.
Shares of this Zacks Rank #3 (Hold) company have soared 51.4% in a year's time, outperforming its industry's growth of 14.5%.
Stocks to Consider
Investors interested in the finance sector might consider better-ranked stocks like FleetCor Technologies, Inc. (FLT - Free Report) , AXA Equitable Holdings, Inc. (EQH - Free Report) and Global Payments Inc. (GPN - Free Report) .
FleetCor Technologies offers commercial payment solutions in North America, Latin America, Europe and Australasia. This Zacks Rank #2 (Buy) stock delivered a positive earnings surprise of 2.1% over the preceding four quarters. 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 entity. The company’s earnings beat estimates in the trailing four quarters by 2.4%, on average. It holds a Zacks Rank of 2.
Global Payments provides payment technology and software solutions for card, electronic, check and digital-based payments. This Zacks #2 Ranked company’s earnings topped estimates in the last four quarters by 2.4%, on average.
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