Low Fees, Favorable Exchange Rates, and Outstanding Customer Service Provide Foundation for Enduring Growth
Newark, NJ, Dec. 29, 2023 (GLOBE NEWSWIRE) -- BOSS Money, the money transfer service of IDT Corporation (NYSE: IDT), today announced that its international money remittance business increased revenue by 56% during the eleven days up to and including Christmas Day 2023 compared to the same period a year earlier.
"Throughout 2023, our low fees and favorable exchange rates in combination with the terrific user experience our customers enjoy on the BOSS Money apps and through our retailers helped to drive our growth at rates well above the industry's average," said Bill Pereira, IDT's Chief Operating Officer. "This Christmas season we achieved exceptional revenue increases with terrific holiday promotions and expect to continue to deliver revenue and transaction year-over-year growth rates over 30% in the coming months."
BOSS Money revenue increased by 56% from December 15th through the 25th compared to the same period a year earlier. During the same period, transaction volumes increased by 39%. The elevated revenue increase compared to the transaction volume increase largely reflected modifications to BOSS Money's seasonal promotion strategies.
BOSS Money's international remittance service provides affordable, reliable remittances for residents of the U.S. and Canada to 48 countries including popular destinations in Latin America, the Caribbean, and Africa. The disbursement network in these markets includes over 243,000 cash pick-up locations in addition to mobile money, in-country bank account, and debit card direct deposit services.
"Our popular BOSS Money or BOSS Revolution Calling apps and the bossrevolution.com website provide a terrific user experience," Pereira added. "At the New Year or anytime, BOSS Money lets you send cash to friends and family around the world with speed, security, and great customer service in just a few easy taps. So go ahead and make a smart New Year's resolution - join the growing family of satisfied Boss Money customers."
First-time BOSS Money customers pay no fees on their first money transfer of up to $2,999. The highly rated BOSS apps are free on the App Store and on Google Play.
Customers can also remit funds through licensed Boss Revolution retailers across the United States.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications services through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT's fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
Contact:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail: invest@idt.net
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