BOSS Money Customers Sent Cash Home to Mom at a Record Rate
15 May 2024 - 10:30PM
BOSS Money, the international money remittance service of IDT
Corporation (NYSE: IDT), today announced that its customers sent a
record number of transfers during the week leading up to Mother’s
Day, on May 12, 2024.
“Mother’s Day is always an exciting time for
BOSS Money, as we help our customers celebrate their mom and show
their love by sending a gift she will appreciate,” said Michelle
Rendo, Boss Money’s VP of Marketing.
“BOSS Money generated 46% year-over-year
transaction growth and a 41% revenue increase for the week that
ended on Mother’s Day,” Rendo added. “Looking only at destination
countries that celebrated Mother’s Day this past week, transactions
surged 56% compared to last year with strong contributions from
both our digital and retail channels.”
BOSS Money’s international remittance service
provides affordable, reliable money transfers for residents of the
U.S. and Canada to 48 popular destination countries in Latin
America, the Caribbean, Africa, and South Asia. The disbursement
network in these markets includes an aggregate of 244,000 cash
pick-up locations in addition to mobile money, in-country bank
account, and debit card direct deposit services.
BOSS Money customers can remit funds through the
highly rated BOSS Money and BOSS Calling apps, which are free in
the App Store and on Google Play. New users pay no fees on their
initial money transfer of up to $2,999. Customers can also remit
funds through licensed Boss Money retailers across the United
States.
“Whether using either of our BOSS apps or
walking into a BOSS Money retailer, our customers know they will
get great rates and a service that’s reliable and secure, and when
it’s for mom, they want a service they can count on,” Rendo
concluded. “If you haven’t tried BOSS Money, walk into your local
BOSS Money retailer or use the convenient, easy-to-use BOSS apps,
where your first transfer is on us.”
*The rates of increase in transactions and
revenue for Mother’s Day 2024 compare the seven days leading up to
and including Mother’s Day 2024 (May 5th to 12th) to the comparable
week in 2023 (May 7th to 14th). For ‘destination countries that
celebrated Mother’s Day,’ the rate of increase in transactions
reflects transfers originated in the U.S. and Canada to the 22
destination countries served by BOSS Money that celebrated Mother’s
Day during the week ended Sunday, May 12, 2024 and Sunday, May 14,
2023.
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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