Euronet Worldwide, Inc.'s (NASDAQ: EEFT) Ria Money Transfer ("RIA") inked a deal with a leading community financial services retailer, PLS Financial Services, headquartered in Chicago. Under this new collaboration, RIA will be the exclusive money transfer service provider for more than 200 PLS Check Cashers in the United States.
This move bodes well for EEFT as this partnership opens a new channel for Ria to expand money transfer services, which include real-time account deposits to 4.1 billion bank accounts and access to more than 2 billion mobile wallets globally. With nearly 600,000 cash pickup locations in 198 countries, Ria's network promises unparalleled convenience and accessibility to PLS's diverse customer base.
This is a time opportune move as demand for economic and competitive money transfer services is on the rise. Per The World Bank, the remittance market is expected to grow 2.3% in 2024. EEFT currently owns a 7% market share and expects this to grow in due time as the company enters new markets through partnerships, ...
