BOSS Money Says ‘Thank You’ with Zero-Fee Money Transfers for the Holidays

Rhea-AI Summary

BOSS Money, IDT 's (NYSE: IDT) remittance brand, announced holiday promotions featuring zero-fee money transfers. New customers can enjoy five free transfers to Mexico and two free transfers to other destinations when using debit cards or bank accounts through their apps. Existing customers will receive a promo code for two free transfers between December 20-25.

The company expanded payout options, enabling direct transfers to bank-issued debit cards in Dominican Republic, Guatemala, Honduras, Jamaica, and Philippines. Additionally, customers can now transfer to mobile wallets in Mexico (Bankaya, Mercado Pago, Spin by Oxxo, Techreo) and Peru (Yape). November marked their busiest month ever, surpassing May's Mother's Day performance with strong growth in customers and transactions.

Positive

• Record-breaking transaction volume in November 2023
• Expansion of payout options to include debit cards in 5 countries
• New mobile wallet integration in Mexico and Peru
• Strong customer and transaction growth

Negative

• None.

Insights

Financial Analyst

BOSS Money's strategic holiday promotion comes after a record-breaking November, indicating strong business momentum in IDT's remittance segment. The zero-fee transfers initiative, while potentially impacting short-term transaction revenues, appears designed to accelerate customer acquisition and market share gains in key corridors, particularly Mexico. The expansion of payout options to include mobile wallets and bank-issued debit cards in multiple countries demonstrates IDT's commitment to digital transformation and enhanced user convenience.

The remittance sector's competitive dynamics make customer acquisition costs and retention important metrics. This promotion's timing during peak seasonal remittance flows could help BOSS Money capitalize on network effects and establish longer-term customer relationships, potentially driving sustained revenue growth beyond the promotional period.

Market Research Analyst

The strategic expansion into digital wallets in Mexico through partnerships with Bankaya, Mercado Pago and others positions BOSS Money to capture a larger share of the $58.6 billion Mexico remittance corridor. The addition of new payout options in key markets like the Philippines and Dominican Republic demonstrates an understanding of evolving consumer preferences for digital financial services. The record transaction volume in November, surpassing the traditionally strong Mother's Day period, suggests significant market penetration and growing brand recognition.

This multi-channel approach, combining traditional cash transfers with digital solutions, could help BOSS Money differentiate itself in a crowded market while building a more sustainable competitive advantage.

After a Record November, BOSS Money Welcomes New Customers with Five Zero-Fee Transfers to Mexico and Two Zero-Fee Transfers to All Other Destinations

Newark, NJ , Dec. 11, 2024 (GLOBE NEWSWIRE) -- BOSS Money, the remittance and payments brand of IDT Corporation (NYSE: IDT), today announced new holiday deals that make sending money to family and friends in Mexico and around the world more affordable than ever before.

“The holidays are all about sharing the blessings of the season,” said Michelle Rendo, VP Marketing for BOSS Money. “At BOSS Money, it’s an especially joyous time with Zero-Fee transfers to our 48 popular destination countries, and with new payout options enabling recipients to receive and use their cash more easily.”

New BOSS Money customers can celebrate the holiday with five Zero-Fee transfers to Mexico and two Zero-Fee transfers to all other Boss Money destination countries when sending from their debit card or bank account on the BOSS Money and BOSS Revolution Calling apps.

Existing BOSS Money customers will receive a special BOSS Money Holiday Promo Code for two Zero-Fee transfers between December 20^th and 25^th.

BOSS Money also announced expanded payout options, providing more ways to share the joy:

• Customers sending to the Dominican Republic, Guatemala, Honduras, Jamaica, and the Philippines can send cash directly to their recipient’s bank-issued debit card;
  
• Customers sending to Mexico and Peru can now use the BOSS Money app to transfer cash to mobile wallets. In Mexico: Bankaya, Mercado Pago, Spin by Oxxo and Techreo. In Peru: Yape.
  

“We are super-excited to support our customers during the holidays,” said Bill Pereira, IDT’s Chief Operating Officer. “November was our busiest month ever, easily surpassing Mother’s Day back in May, with continued strong growth in customers and transactions. We are grateful that our customers value BOSS Money as the most affordable, reliable, and convenient way to send money to family and friends across borders. This Zero-Fee program is our way to thank our current customers for a wonderful year and invite everyone who has not used BOSS Money to save money while discovering the best way to share the joy of the season.”

ABOUT IDT CORPORATION

IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions 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; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service 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

IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net

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FAQ

What are the terms of BOSS Money's zero-fee holiday transfer promotion?

New customers get 5 free transfers to Mexico and 2 free transfers to other destinations, while existing customers receive a promo code for 2 free transfers between December 20-25.

Which new payout options did BOSS Money add for international transfers?

BOSS Money added direct transfers to bank-issued debit cards in Dominican Republic, Guatemala, Honduras, Jamaica, and Philippines, plus mobile wallet transfers in Mexico and Peru.

How did BOSS Money perform in November 2023?

November was BOSS Money's busiest month ever, exceeding their previous record from Mother's Day in May, with strong growth in both customers and transactions.

Which mobile wallet providers does BOSS Money support in Mexico and Peru?

In Mexico, BOSS Money supports Bankaya, Mercado Pago, Spin by Oxxo, and Techreo. In Peru, they support Yape.