Ria Money Transfer partners with Tenpay Global to enhance cross-border payment access between China and global users.
Quiver AI Summary
Ria Money Transfer has partnered with Tenpay Global, Tencent's cross-border payment platform, to enhance cross-border payment services between China and theglobal market This collaboration allows users to send money via Ria’s digital and physical channels directly to Weixin Pay accounts in China, tapping into a potential remittance market of $50 billion. With Ria's extensive network of over 595,000 locations across nearly 200 countries, the partnership aims to provide flexible remittance options to Weixin Pay users, significantly broadening access to convenient and secure money transfer services. Both companies emphasize their commitment to improving the mobile payment experience and bridging distances to support families and communities worldwide.
Potential Positives
- The strategic partnership expands Ria's cross-border payment capabilities, particularly facilitating remittances to Weixin Pay users in China, a significant remittance-receiving country with inflows reaching US$50 billion in 2023.
- This collaboration allows Ria to leverage Tenpay Global's extensive user base, enhancing Ria's mobile network reach to 3.1 billion wallet accounts worldwide.
- The partnership strengthens Ria's existing network of over 595,000 locations across 200 countries, providing users flexible and convenient access to their funds globally.
- Ria's commitment to innovative technology in partnership with Tenpay Global aims to redefine the mobile payment experience, enhancing convenience and accessibility for millions globally.
Potential Negatives
- The press release does not provide any financial projections or expected outcomes from the partnership, leaving investors and stakeholders uncertain about its future impact.
- There is no mention of potential risks or challenges associated with the partnership with Tenpay Global, which could lead to an overly optimistic view of its implications.
- Ria's strategy to enhance its mobile network and payment services may require significant investment and resources, which could strain its operational capabilities if not managed properly.
FAQ
What is the new partnership between Ria Money Transfer and Tenpay Global?
The partnership enhances cross-border payments between China and the world, enabling secure remittance services via Weixin Pay.
How does Ria Money Transfer connect with Weixin Pay?
Users can send money from Ria's channels directly to their Weixin Pay Wallet Balance or linked bank accounts.
What is the significance of China in global remittances?
China is among the top three remittance-receiving countries, with inflows reaching $50 billion in 2023 according to the World Bank.
How does this partnership benefit users worldwide?
The partnership provides access to flexible spending options like transfers, top-ups, and shopping for Weixin Pay users in China.
Who are the key executives behind this partnership?
Shawn Fielder, CEO of Ria Money Transfer, and Royal Chen, VP of Tencent Financial Technology, are leading the initiative.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$EEFT Insider Trading Activity
$EEFT insiders have traded $EEFT stock on the open market 10 times in the past 6 months. Of those trades, 1 have been purchases and 9 have been sales.
Here’s a breakdown of recent trading of $EEFT stock by insiders over the last 6 months:
- NIKOS FOUNTAS (CEO, EFT EMEA Division) has traded it 2 times. They made 0 purchases and 2 sales, selling 21,479 shares.
- MARTIN L. BRUCKNER (SVP - Chief Technology Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 9,397 shares.
- KEVIN J CAPONECCHI (CEO, epay and APAC Division) has traded it 3 times. They made 0 purchases and 3 sales, selling 52,034 shares.
- JUAN BIANCHI (CEO, Money Transfer Division) has traded it 2 times. They made 0 purchases and 2 sales, selling 16,440 shares.
- THOMAS A MCDONNELL purchased 3,206 shares.
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$EEFT Hedge Fund Activity
We have seen 185 institutional investors add shares of $EEFT stock to their portfolio, and 229 decrease their positions in their most recent quarter.
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Full Release
The strategic partnership between Ria Money Transfer and Tenpay Global amplifies the reach of cross-border payments between China and the rest of the world, boosting access to secure and convenient remittance services for millions of people worldwide.
BUENA PARK, Calif., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Ria Money Transfer (Ria), a global leader in the cross-border money transfer industry and business segment of Euronet (NASDAQ: EEFT), and Tenpay Global, Tencent’s cross-border payment platform, announced a new partnership today. Users around the world are now able to send money from Ria’s digital and physical channels to their or their families’ Wallet Balance or linked bank accounts in Weixin Pay, a leading payment and digital wallet in China.
China remains one of the top three remittance-receiving countries globally, with remittance inflows reaching US$50 billion in 2023, according to the
World Bank
. This partnership enables Ria to tap into the large Weixin and WeChat user base, contributing to Ria’s mobile network reach of 3.1 billion wallet accounts worldwide. With Ria’s physical presence of more than 595,000 locations in nearly 200 countries and territories, Weixin Pay users in China can now receive remittances from almost anywhere across the globe and enjoy flexible spending such as transfers, top-ups and shopping.
“At Ria, we are committed to harnessing technology and our powerful network to connect people and communities and help them thrive,” said Shawn Fielder, President and Chief Executive Officer of Ria Money Transfer. “Partnering with Tenpay Global combines both entities' strengths to redefine the mobile payment experience for millions of people, making it more convenient and accessible for all.”
“Our partnership with Ria is founded on a shared vision of delivering cross-border remittances that bridge distances and bring families and loved ones closer together,” said Royal Chen, Vice President of Tencent Financial Technology. “Leveraging our unique Weixin ecosystem, we provide innovative cross-border solutions with convenience and reliability, meeting the evolving needs of the users and making a meaningful impact on their lives. Together with our global partners, we are creating an open, diverse and inclusive borderless payment network.”
About Euronet
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, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.
A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 64 countries; and a global money transfer network of approximately 595,000 locations serving 198 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company's website at
www.euronetworldwide.com
.
About Tenpay Global
Tenpay Global, the cross-border payment platform of Tencent, is the gateway to seamless cross-border payment solutions for businesses and individuals. Tenpay Global offers scenario-based services for different customer groups, including cross-border consumption, cross-border remittances, and cross-border commerce scenarios. Together with global partners, Tenpay Global is committed to bridging the world's payment networks with Weixin's ecosystem in China.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0e989027-46e4-4f17-8267-411d9201ed40
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
