BOSS Money Reports Strong Remittance Topline Increase over the Christmas Holiday Season
29 Dicembre 2023 - 8:45PM
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 RelationsPhone: (973) 438-3838E-mail: invest@idt.net
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