Euronet Worldwide, Inc.’s (EEFT - Free Report) arm Ria Money Transfer along with a leading cross-border fund transfer company enters into an agreement with Belgian Postal Service group (bpost group) to provide feasible money transfer services through a network of more than 600 post offices. This range of solutions is expected to be unveiled in the second half of February.
Notably, bpost group is a market-leading postal and international ecommerce logistics provider in Belgium with wide network. This agreement would allow customers to transfer funds from any bpost post office to one of Ria Money’s 389,000 locations. The receiver can collect the money in cash or via direct bank deposits across 161 countries around the globe. Both companies share the same vision of providing transparent, sustainable and secure fund transfers, which are going to benefit customers in more ways than one.
Significantly, bpost expects to offer customers a suite of convenient, transparent and safe remittance services through this unique relationship with Ria Money, a global remittance leader.
This deal allows Ria Money to remain committed toward serving clients and communities with a fast and affordable fund transfer facility through its expanded network. Last year, Ria Money extended its partnership with Walmart to include domestic payout at all Walmart sites in the United States.
The remittance market is evolving and emerged as a vital source of earnings for a large population worldwide. Thus, the UN established that the average cost of remittance services globally should be cut down to 3% by 2030. As a nationwide leader, Ria Money is helping the industry reach its target global average costs.
According to World Bank, remittance through post offices was cheaper than banks in the first quarter of 2019 wherein the former charged more than 7%.
With new entrants forging alliances with national post offices, banks, etc., stiff competition is likely to reduce the remittance prices.
Shares of this Zacks Rank #3 (Hold) company have soared 44.4% in a year's time, outperforming its industry's growth of 16.1%.
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) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FleetCor Technologies offers commercial payment solutions in North America, Latin America, Europe and Australasia. This stock delivered a positive earnings surprise of 2.1% over the preceding four quarters.
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.
Global Payments provides payment technology and software solutions for card, electronic, check and digital-based payments. This company’s earnings topped estimates in the last four quarters by 2.4%, on average.
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