Euronet’s Money Transfer customers can send funds within minutes to 4 billion Visa debit cards by simply providing the recipient’s name and debit card number.
Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and its Money Transfer segment (Ria Money Transfer, Xe and Dandelion) announced a collaboration with Visa, a world leader in digital payments, to make Visa Direct available to its customers.
„Through this partnership, Dandelion extends its network as an industry leader, expanding its digital payout capabilities, which includes more than 3.2 billion mobile wallet accounts, 4 billion bank accounts, and 624,000 locations across nearly 200 countries and territories, to include 4 billion Visa debit cards.” – according to the press release.
According to the World Bank, 52.8% of people aged 15 and above have a debit card. As such, debit card usage has become increasingly prevalent, with expansion being led by financial inclusion initiatives and the adoption of contactless payments.
The Nilson Report estimates that debit and prepaid card transactions to purchase goods and services will reach USD$1.1 trillion worldwide by 2029. With this service expansion, Euronet’s Money Transfer segment continues to embrace evolving consumer trends by providing customers with an unmatched digital payout offering.
„With the partnership, Euronet’s Money Transfer customers can send funds within minutes to 4 billion Visa debit cards by simply providing the recipient’s name and debit card number. In addition, payment and account data information is dually safeguarded by Visa’s payment security infrastructure and Euronet’s robust compliance framework, offering both convenience and peace of mind for senders and receivers.” – the company explained.
“The shared mission of Euronet’s Money Transfer segment is to enable customers to manage their money movement however they prefer through straight-forward and convenient cross-border payment solutions,” said Juan Bianchi, Euronet’s EVP & CEO Money Transfer segment. “Thanks to this new relationship with Visa, we are now able to expand and enhance our digital offering while upholding the high security standards and impeccable delivery promise our cross-border, real-time payments network is known for.”
„Visa supports our clients with innovative solutions for simple and secure money transfers. By integrating Visa Direct, Euronet’s Money Transfer segment is poised to further digitize its remittance offering with fast, secure and transparent push-to-card payments,” said Vera Platonova, Chief Revenue Officer and Global Head of Sales and Solutioning Teams, Visa Direct. “This partnership underscores our mutual commitment to delivering exceptional cross-border remittance services for end users around the globe.”
This is the first step in Euronet and Visa’s collaboration, as both companies remain committed to fostering growth and driving innovation worldwide.
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Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, point-of-sale (POS) services, branded payments, foreign currency exchange and more.
A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,512 installed ATMs, approximately 1,214,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 735,000 POS terminals at approximately 358,000 retailer locations in 64 countries; and a global money transfer network of approximately 624,000 locations serving 199 countries and territories with digital connections to 4 billion bank accounts, 3.2 billion digital wallet accounts and 4 billion Visa debit cards through Visa Direct.
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