Euronet Worldwide, Inc.’s (EEFT - Free Report) subsidiary Ria Money Transfer recently launched Ria Money Transfer App for the European market. The company plans to introduce the same in 13 other countries by next month.
This unique application was first released in May in France and Germany. People from other places such as Italy, Belgium, the Netherlands, Luxembourg, Austria, Ireland, Denmark, Finland, Norway, Sweden and Switzerland will also be able to start using it from the current month.
The application is also available in the United States and Canada. The company, which is a global leader in the remittance industry, has been constantly taking up initiatives to expand its footprint. Its portfolio consists of the largest bank deposit network in the world with access to more than three billion bank accounts.
Remittances are considered the lifeline for a large number of people staying abroad. The unveiling of this application amid an ongoing global crisis is a blessing for those who need to send funds to their families for daily sustenance. The service ensures safe and secure contactless transactions for housebound customers during the COVID-19 pandemic.
Ria Money has been partnering with several agents so that customers can enjoy a hassle-free omnichannel experience.
Apart from assisting the users with its money transfer solutions, Ria Money is taking precautionary measures against the coronavirus pandemic to break the chain.
Ria Money’s vast network includes more than 402,000 locations and 3 billion bank accounts. The unit has been expanding on the back of strategic alliances, evident from its 5% ownership interest in the international remittance market during 2019.
Euronet’s Money Transfer Segment has consistently delivered growth on the back of physical and digital distribution channels, acquisitions, etc. This is evident from its 2015-2019 CAGR of 13%. In the first quarter, segmental strength increased 4% year over year with the same contributing to around 46% of the company’s overall revenues. This upside can be attributed to frequent money transfers and growth in the foreign agent as well as correspondent payout networks.
Zacks Rank and Price Performance of Other Players
In a year's time, shares of this Zacks Rank #5 (Strong Sell) company have lost 42.7%, wider than its industry's decline of 28.4%.
The price performance looks subdued against the stock movement of other companies in the same space, such as Visa Inc (V - Free Report) , Global Payments Inc. (GPN - Free Report) and PRA Group Inc (PRAA - Free Report) , which have returned 12%, 14% and 13.5% each in the same time frame. All stocks carry a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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