Euronet Worldwide

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Euronet Worldwide, Inc.
Public
Traded asNASDAQEEFT
Russell 1000 Component
IndustryFinancial Services, Electronic funds transfer, Retail
Founded1994
HeadquartersLeawood, Kansas
Key people
Michael J. Brown (CEO), Kevin J. Caponecchi, Rick L. Weller, Jeffrey B. Newman, Juan C. Bianchi, Nikos Fountas, Martin L. Brückner, Cindy Ashcraft
RevenueIncrease $1,958.6 million (2016)
Increase $249.8 million (2016)
Increase $174.4 million (2016)
Total assetsIncrease 2.706 billion (2016)
Total equityIncrease $900.5 million (2016)[1]
Number of employees
7,100
Websitewww.euronetworldwide.com
ATM (with cash deposit machine) Euronet in Tomaszów Mazowiecki, Poland

Euronet Worldwide is a US provider of electronic payment services with headquartered in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services.[2] Among others, it provides the prepaid subsidiaries Transact, PaySpot, e-pay, Movilcarga, TeleRecarga and ATX.[3]

History[edit]

The company was founded in 1994 and with headquartered in Leawood, Kansas by brothers-in-law Dan Henry and Mike Brown.

In 1998, Euronet purchased ARKSYS, a computer software company that specialized in electronic payment and transaction delivery systems.[4]

On January 23, 2002, Euronet Worldwide announced the formation of a joint venture with Hong Kong-based First Mobile Group Holdings Limited.[5]

In 2007, the company acquired Ria Money Transfer.[6]

In 2013, Euronet purchased Pure Commerce, giving it access to a suite of SaaS based applications. The following year, it acquired UK-based foreign exchange broker HiFX giving it access to cross border payment business in the UK, Australia and New Zealand.[7]

In July 2015, Euronet purchased the popular currency conversion web site xe.com.[8]

Company operation[edit]

It operates in three segments: electronic funds transfer (EFT) processing, prepaid processing, and money transfer.[2]

  • The EFT processing segment provides outsourcing and network services to financial institutions and mobile phone companies. This segment provided these services using a network of ATMs and POS terminals in Europe, Asia, and the Middle-East.
  • The prepaid processing - ePay division distributes prepaid mobile airtime, and other prepaid products and collections services for various prepaid products, cards, and services. This segment operates in a network of locations in the United States, Europe, Africa, Asia Pacific, and the Middle-East. It also provides prepaid long distance calling card plans, prepaid internet plans, prepaid debit cards, and prepaid gift cards, as well as prepaid mobile content, such as ring tones and games.
  • The money transfer segment provides global money transfer and bill payment services primarily in North America, the Caribbean, Europe, and Asia-Pacific.

Criticism[edit]

Euronet has faced criticism for high service fees and the unfavorable exchange rates its ATMs offer.[9][10][11] Advocates for dynamic currency conversion argue that fees, in general, offer visibility of the total costs at the point of transaction.[12]

In January 2019, the municipality of Amsterdam announced its plans to prevent new Euronet ATMs from opening in shop facades, as Euronet "charges a hefty fee per cash withdrawal and uses unfavorable exchange rates" and does not contribute to locals' well-being[13].

See also[edit]

References[edit]

  1. ^ Euronet Worldwide Reports Fourth Quarter and Full Year 2016 Financial Results, Retrieved on February 26, 2017
  2. ^ a b EEFT - Profile, Yahoo! Finance, Retrieved on May 14, 2008
  3. ^ "Industry Comparables and Peers". epay-asia.com. Retrieved April 30, 2019.
  4. ^ Euronet to Expand Business and Product Line by Acquiring ARKSYS, Euronet - Press Release, Retrieved on May 14, 2008
  5. ^ "Euronet Forms Asian Joint Venture with First Mobile Group".
  6. ^ "UPDATE 1-Euronet to acquire RIA Envia for $490 mln". Rueters. January 20, 2007.
  7. ^ Ashley Armstrong (March 11, 2014). "Money transfer company HiFX sold for £145m". The Telegraph.
  8. ^ "OzForex undeterred after missing out on xe.com buy". Sydney Morning Herald. November 10, 2015.
  9. ^ "Beware: Not all ATMs are created equal". Cinque Terre Insider. Retrieved 4 February 2019.
  10. ^ "Do NOT use Euronet ATM's when you travel". Travelling Claus. Retrieved 4 February 2019.
  11. ^ Escribano, Javier. "How Euronet uses dark patterns to try to deceive you". Medium. Retrieved 4 February 2019.
  12. ^ "Benefits of DCC". DCC Forum. Retrieved 1 March 2019.
  13. ^ Pieters, Janene. "Amsterdam to halt increasing number of ATMs aimed at tourists". NL Times. NL Times. Retrieved 4 February 2019.

External links[edit]