NETeller to take on Western Union!

WalkofLife · Apr 8, 2005

Taken from egrmagazine.com

NETeller to take on Western Union

Alternative payment firm NETeller has announced plans to take on Western Union as the world’s de facto money transfer service on the back of hugely impressive end of year results where profits soared to US$48.5m.

NETeller continued to benefit from difficulties in processing US credit card transactions, with the firm rapidly becoming the US-facing industry’s payment method of choice.

Headline figures for the year saw revenues of US$82.6m with an EBITDA profit of US$48.5m, and the firm said it now had 1.25 million members.

“Our current momentum and outlook for 2005 are very positive,” Gord Herman, president and chief executive of NETeller, said.

And he said it was pushing ahead with geographical expansion into Asia and Europe to make it the world’s leading money transfer system.

During 2004 NETeller launched the first phase of its global expansion programme, with merchants able to transact in sterling, euros and the Canadian dollar.

NETeller has already made significant strides towards this position with 2004 seeing it raise its profile significantly in Europe.

It has also recently purchased Macau-based payment processing firm Quick Access, which has given it an instant market share in the notoriously tough Chinese payments market.

The Financial Times also reported the firm was hoping to set up a joint venture with a bank by the end of this year.

NETeller insisted it would continue to pursue its previously stated ambition to become the world’s leading money service.

“2004 was a year of transition which set the solid foundation for our continued growth,” Herman said.

RobFunk · Apr 8, 2005

this is not good news

WalkofLife · Apr 8, 2005

On a related topic, I recently posted my opinion on the path of growth NETeller would follow, I said:

The convenience of the service provided by NT is unmatched to the date...

NT has kicked some serious ass on their field of action and they're expanding; they have recently walked into the Chinese market... when they purchased the firm behind 1Pay, the leading Chinese payment processor, for US$12.5m in a hugely important strategic move.

If I knew any better, I'd be grabbing as many shares on LSE: NLR as I possibly could...

Next step... their own bank... with land-based agencies all around the globe.

That was about a week ago... today, The Financial Times also reported the firm was hoping to set up a joint venture with a bank by the end of this year.

Also,

They recently snapped 1Pay for US$12.5M, this isthe leading Chinese payment processor... with Macau growing to be the biggest gambling enclave in Asia and Betfair.com looking to obtain a Tasmanian license (possible listing on ASX is foreseeable = U.S. customers welcome), the Aisan marke tis the next big bet for Neteller.

Follow the money, people...

WalkofLife · Apr 8, 2005

Rob;

Why wouldn't this be a good thing?

RPM · Apr 8, 2005

as long as neteller has the gambling community, w.u. doesnt have a chance....

Dante · Apr 8, 2005

Great news....It will be very easy to deposit into neteller now....no sigining up banks or going to Bank of america OR worrying if your CC will be declined with neteller

good stuff IMO

kidslick · Apr 8, 2005

this is not good news

this is great news

http://www.majorwager.com/fusetalk/messageview.cfm?catid=22&threadid=125093&FTVAR_MSGDBTABLE=

RobFunk · Apr 8, 2005

ya, great for investors. not so great for the sportsbook industry's US customers

i dont like the monopoly idea (we almost all use windows and ie explorer yet they are far from the best)

look it how the goverment screwed up western union for us. now that they will be joined, so much easier to reach into everything thats neteller

PanchoSanza · Apr 8, 2005

good news for gamblers. :dancefool

:finger: Ashcroft

WalkofLife · Apr 8, 2005

Rob;

W.U. got all messed up by Uncle Sam, because they are an American Company that needs to abide by the strong-arm tactics of the DoJ.

NT is originally a Canadian company, they are now listed in the LSE and they're expanding into Asia, foreseeing a brilliant move by Betfair.com, backed by Terry Packer in Tasmania.

Think of this...

ONE GLOBAL NT ACCOUNT

+

BETFAIR BETTING ACCOUNT

+

ACCESS TO CRIS, PINNY, OLY, HOLLY...

Add the convenience of a Banking Branch and a progressed ATM card...

Foggedaboutit!

Besides, this is not a monopoly by enforcement... whoever thinks got the cash and brains to stand up to NT and compete is more than welcome to do so.

I agree that such a competitor were to arise and it could only mean an advantegeous thing for gamblers... but living on the world we live and seeing what we see... this is GREAT news, bruddah.

Name one other virtual money processing company that provides the security of being a listed IPO on LSE.

Dante · Apr 8, 2005

Walk of Life said:
this is GREAT news, bruddah.

Name one other company that provides the security of being a listed IPO on LSE.

I can name a few walk the UJI is part of the JKJ and it is listed on the PDQ. and you can not forget about the OER and RRA

WalkofLife · Apr 8, 2005

Daaaantez, you dumbfvck... :toast:

I meant to say "listed on the London Stock Exchange"

Love,

Walk

:howdy:

Dante · Apr 8, 2005

Walk of Life said:
Daaaantez, you dumbfvck... :toast:

I meant to say "listed on the London Stock Exchange"

Love,

Walk

:howdy:

WalkofLife · Apr 8, 2005

EHHH Walk what yous talkin bout, I gave you yers name...shudup and get back to da kitchen and fix us up some grub gots it??

Daaaantez, you dumbfvck

Dante: 1
Will: 1

:digit:

RPM · Apr 8, 2005

RobFunk said:
ya, great for investors. not so great for the sportsbook industry's US customers

i dont like the monopoly idea (we almost all use windows and ie explorer yet they are far from the best)

look it how the goverment screwed up western union for us. now that they will be joined, so much easier to reach into everything thats neteller

i dont think they are talking about joining the two, i think neteller is saying they will become BIGGER than w.u.

Noreaga+ · Apr 8, 2005

neteller blows. they abuse their power when their funds MIGHT be at risk yet do nothing when a book is a known stiff.

How many times has neteller frozen a merchants account?? hmmm

RobFunk · Apr 8, 2005

Thanks RPM.

I'm just a little worried. I guess I don't like the idea of that much fund control in one hand, but I suppose I need to look at the positives.

I mean, if they want they could combine them. Move to another country, open a sportsbook and underprice all the books for 2 years to wipe out everyone ala walmart and then give all the players crappy prices and horrible transfer fees.

Some of the worst things ever have been done with the best intentions. But I guess I'll believe the majority in this thread that it is good news. Who knows, maybe they can fix all these horrid stipulations with WU.

WalkofLife · Apr 8, 2005

Guys, I believe NT is looking to launch a competitor to W.U. not buying out W.U.

I agree with RPM

lostitall · Apr 8, 2005

I wouldn't worry about them puting WU out of business anytime soon. I just hope this bank they plan on starting/buying isn't based in the US. I doubt it would be, but that would pretty much end their usefullness to online gamblers. (the people that made NT what it is today)

primetime21+ · Apr 8, 2005

lostitall said:
I wouldn't worry about them puting WU out of business anytime soon. I just hope this bank they plan on starting/buying isn't based in the US. I doubt it would be, but that would pretty much end their usefullness to online gamblers. (the people that made NT what it is today)

99 percent of the people i know don't even know what neteller is. WesternUnion will be around for a while, but may have some competition. And competition is always a good thing.