UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 17, 2014
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Euronet Worldwide, Inc.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction of incorporation) | 001-31648 (Commission File Number) | 74-2806888 (I.R.S. Employer Identification No.) |
3500 College Boulevard
Leawood, Kansas 66211
(Address of principal executive office)(Zip Code)
(913) 327-4200
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
On April 17, 2014, Euronet Worldwide, Inc. ("Euronet") and Walmart Stores, Inc. ("Walmart") jointly announced via a news release an exclusive money transfer service called "Walmart-2-Walmart". Walmart-2-Walmart is a domestic consumer to consumer money transfer service that will be offered at U.S. based Walmart stores using Euronet's money transfer subsidiary, Ria Financial Services ("Ria"). Ria will be the exclusive operator for all Walmart-2-Walmart transactions and Walmart will act as Ria's authorized agent.
The information in Exhibit 99.1 is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description |
99.1 | News Release dated April 17, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Euronet Worldwide, Inc. | ||
By: | /s/ Jeffrey B. Newman | |
Jeffrey B. Newman | ||
Executive Vice President and General Counsel | ||
Date: April 17, 2014 | ||
INDEX TO EXHIBITS
Exhibit Number | Description |
99.1 | News Release dated April 17, 2014 |
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Contact: Walmart Media Relations
Phone: 1-800-331-0085
http://news.walmart.com/reporter
Euronet Contact:
Stephanie Taylor, 913-327-4200
Walmart Introduces Exclusive Money Transfer Service,
Cuts Fees by up to 50 Percent for Customers
Powered by Ria, Walmart-2-Walmart brings lower fees, simplicity, and transparency to the money transfer market
BENTONVILLE, Ark. – April 17, 2014 – Millions of customers transfer money domestically each year, many of them struggling to navigate the complex and costly fees that come with each transaction. Today, Walmart and Ria are launching a retail industry first – Walmart-2-Walmart Money Transfer Service. Available April 24, the new low-cost service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for up to 50 percent less than similar offerings on the market.
“After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution,” said Daniel Eckert, senior vice president of services for Walmart U.S. “Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We’re doing what we do best – launching a new service that challenges the status quo and drives down prices for our customers.”
Walmart-2-Walmart offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S. Walmart-2-Walmart will bring dramatic savings to these customers, for example:
Money Transfer Amount | Competitors’ Prices | Walmart-2-Walmart Price |
0-50 | $4.75 to $5.00 | $4.50 |
50-200 | $11 to $12 | $9.50 |
400-500 | $34.50 to $40 | |
600-700 | $46 to $58 | |
800-900 | $57 to $76 | |
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Walmart-2-Walmart leverages the retailer’s existing footprint and technology, and is powered by Ria, a Euronet subsidiary and a leading global provider of money transfers. Ria is the licensed money transfer operator for all Walmart-2-Walmart transactions, and Walmart acts as the authorized agent of Ria.
“We believe the combination of Walmart’s existing footprint, with Ria’s high-quality service, and our shared focus on the customer is what makes Walmart-2-Walmart a true differentiator and stand apart from other services on the market,” said Juan Bianchi, chief executive officer of Ria Money Transfer. “Walmart-2-Walmart isn’t just another money transfer service. It provides customers the best value with the speed and security they expect.”
Almost 28 percent of Americans are classified as either underbanked or unbanked, with millions using money transfers as a critical part of maintaining household budgets or helping friends and family in times of crisis. Communities that rely on money transfers the most include members of the military or oil field workers who send part of their paycheck back to their families each week.
Walmart also offers other everyday money services such as check cashing, bill pay, money orders and tax preparation services, as well as industry-leading pre-paid card programs though the Walmart MoneyCard, and Bluebird, a checking and debit alternative. These services – and Walmart-2-Walmart – are available at the Walmart MoneyCenter or Walmart’s customer service desks.
“Walmart-2-Walmart is a great example of how Walmart continues to partner with world-class providers to offer customers financial products and services that provide clear benefits and help them save money,” added Eckert. “The entrance of Walmart-to-Walmart into the money transfer market is good for our customers and good for business.”
For more information, please visit: news.walmart.com/walmart2walmart
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Editor’s Note: Compared to other money transfer providers at Walmart for 12 months ending April 15, 2014. Savings vary by transfer amount. Available for domestic transfers up to $900. Visit the Walmart MoneyCenter for details.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere -- in retail stores, online, and through their mobile devices. Each week, more than 245 million customers and members visit our 11,302 stores under 71 banners in 27 countries and ecommerce websites in 10 countries. With fiscal year 2014 sales of over $473 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere -- in retail stores, online, and through their mobile devices. Each week, more than 245 million customers and members visit our 11,302 stores under 71 banners in 27 countries and ecommerce websites in 10 countries. With fiscal year 2014 sales of over $473 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
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About Ria
Ria Money Transfer is a global leader in money remittances and is a recognized benchmark in both quality and service. Ria initiates transfers through a network of sending agents and company-owned stores located throughout North America, Europe and Australia as well as online at www.riamoneytransfer.com. In 2013, Ria processed approximately 28 million money transfer with a face value of more than $9 billion through a network of 216,000 locations in 135 countries. Ria is steadfast in its commitment to customers and remains ingrained within the communities in which they live. For more information visit www.moneytransfer.com.
Ria is a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), a worldwide leader in processing secure electronic financial transactions. Through three business segments – Electronic Financial Transactions (EFT), epay Prepaid Products and Ria Money Transfer – Euronet offers a diverse portfolio of electronic payment alternatives to customers in approximately 155 countries. In addition to consumer-to-consumer money transfer, Euronet’s product portfolio includes comprehensive ATM services, point-of-sale processing, card outsourcing services, prepaid mobile airtime and other prepaid content and mobile operator solutions.