BOSS Money Customers Sent Cash Home to Mom at a Record Rate

Remittances Around Mother’s Day Increased by 46%* Over Last Year

Newark, NJ, May 15, 2024 (GLOBE NEWSWIRE) -- 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 5^th to 12^th) to the comparable week in 2023 (May 7^th to 14^th). 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 Relations
Phone: (973) 438-3838
E-mail: invest@idt.net

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