Euronet Worldwide Inc.
) announced the expansion of its portfolio of Independent ATM
Deployed (IAD) networks to Spain and Italy. This has further
cemented the company's position as the fastest-growing Independent
ATM Deployer with the largest geographical expansion in Europe.
Euronet already has market presence in other European countries
such as Romania, Greece, Croatia, Poland, Germany, Czech Republic,
Ukraine and Bulgaria. The latest expansion takes the tally of the
company's footprint to 10 countries.
The entry into these two countries was dependant on the granting
of a European Payment Service Directive (PSD) e-money license,
which the company received in 2011. The expansion into Spain and
Italy also represents the debut of the company's electronic funds
transfer (EFT) unit in these nations.
This is the first time the company has undertaken IAD network
deployment without a sponsor bank. This was made possible by the
granting of e-money license along with the authorization for direct
), which eliminated the need for a sponsor bank to obtain ATM,
debit and credit card transactions.
The PSD license is important for Euronet since it eliminates the
company's dependence on sponsor banks. This, in turn, gives the
company complete control over the implementation process.
Additionally, it reduces the lead time taken while penetrating a
The company already has 18 years of operating experience in the
field. It keeps the convenience of customers in mind while opening
new ATMs. Moreover, most of its new ATMs are situated in off-bank
locations with high traffic, which makes these easily accessible
and convenient options.
Euronet, which completes with
Moneygram International Inc.
The Western Union Company
), currently carries a short-term Zacks #3 Rank (Hold).
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