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Item 1. Business

2021-02-22 compared with 2020-03-02 · 135 added, 184 removed, 442 unchanged (42% of the section changed)

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General Overview

Euronet is a leading electronic payments provider.

We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers.

Euronet is a leading electronic payments processing provider.

We offer payment and transaction processing and distribution solutions to financial institutions, agents, retailers, merchants, content providers, and individual consumers.

Our primary product offerings include comprehensive automated teller machine ("ATM"), point-of-sale ("POS"), card outsourcing, card issuing and merchant acquiring services;

software solutions and cloud based payment solutions;

electronic distribution of prepaid mobile airtime and other electronic payment products;

foreign exchange services and global money transfer services.

electronic distribution of electronic payment products;

foreign exchange services and international payment services.

Core Business Segments

We operate in the following three segments as of December 3 1, 2020:

The Electronic Fund Transfer ("EFT") Processing Segment processes transactions for a network of 46,070 ATMs and approximately 330,000 POS terminals across Europe, the Middle East and Asia Pacific.

The Electronic Fund Transfer ("EFT") Processing Segment processes transactions for a network of 37,729 ATMs and approximately 340 ,000 POS terminals across Europe, the Middle East, Asia Pacific, and the United States.

We provide comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, and card issuing and merchant acquiring services.

In addition to our core business, we offer a variety of value added services, including ATM and POS dynamic currency conversion, domestic and international ATM surcharge, advertising, customer relationship management (“CRM”), mobile top-up, bill payment, fraud management, foreign remittance payout, cardless payout, banknote recycling solutions and tax-refund services.

In addition to our core business, we offer a variety of value added services, including ATM and POS dynamic currency conversion ("DCC"), domestic and international ATM surcharge, advertising, customer relationship management ("CRM"), mobile top-up, bill payment, fraud management, foreign remittance payout, cardless payout, banknote recycling solutions and tax-refund services.

Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

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We operate a network that includes approximately 748,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content in Europe, the Middle East, Asia Pacific, the United States and South America.

We also provide vouchers and physical gift fulfillment services in Europe, gift card distribution and processing services in most of our markets and digital code distribution in a growing number of markets.

We also provide vouchers and physical gift fulfil lment services in Europe, gift card distribution and processing services in most of our markets and digital code distribution in a growing number of markets.

In 2020 , the epay Segment accounted for approximately 33% of Euronet's consolidated revenues.

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In 2020 , the Money Transfer Segment accounted for approximately 48% of Euronet's consolidated revenues.

Euronet conducts business globally, serving customers in approximately 170 countries.

We have 13 transaction processing centers, six in Europe, five in Asia Pacific and two in North America.

We also maintain 66 business offices that are located in 41 countries.

Our corporate offices are located in Leawood, Kansas, USA.

Historical Perspective

Euronet was established in 1994 as Euronet Bank Access Kft., a Hungarian limited liability company.

Operations began in 1995 when we established a processing center in Budapest, Hungary and installed our first ATMs in Hungary, followed by Poland and Germany in 1996.

1994 - Euronet was established as Euronet Bank Access Kft., a Hungarian limited liability company.

1997 - Euronet was reorganized in March 1997 in connection with its initial public offering, and at that time, our operating entities became wholly owned subsidiaries of Euronet Services, Inc., a Delaware corporation.

1998 - In December 1998, we acquired Arkansas Systems, Inc.

(now known as "Euronet USA"), a U.S.-based company that produces electronic payment and transaction delivery systems software for retail banks internationally.

2001 - We changed our name from Euronet Services, Inc.

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in August 2001.

Initially, most of Euronet's resources were devoted to establishing and expanding the ATM network and ATM management services business in Europe.

In December 1998, we acquired Arkansas Systems, Inc.

(now known as "Euronet USA"), a U.S.-based company that produces electronic payment and transaction delivery systems software for retail banks internationally, which resulted in significant ongoing savings in third-party licensing, services and maintenance costs.

By the end of 1998, we were doing business in Hungary, Poland, Germany, the Czech Republic and Croatia.

From 1998 until 2005, we developed networks in India, Slovakia, Serbia and Bulgaria.

In 2005, we expanded our product offerings of the EFT Processing Segment through the acquisition of Instreamline S.A., a Greek company that provides credit card and POS outsourcing services in addition to debit card and transaction gateway switching services in Greece and the Balkan region.

In 2007, we combined our EFT and Software segments as both businesses are strategically aligned due to the fact that our software segment primarily supports our EFT service offerings and processing centers.

In 2009 Euronet, through one of its group companies, was granted authorization as an e-money institution in the United Kingdom ("U.K.") under the E-Money Directive of the European Union ("E.U.").

In 2011, the Second E-Money Directive ("2EMD") came into effect.

2EMD enables authorized e-money institutions to provide payment services and issue e-money throughout the European Economic Area ("EEA") under a single regulatory framework.

As a result of 2EMD, Euronet, through one of its group companies, obtained relevant memberships of Visa and Mastercard during 2011.

By obtaining the status as an authorized e-money institution together with its principal memberships of Visa and Mastercard, Euronet has been able to expand its Independent ATM Deployment ("IAD") networks across Europe.

In 2018, Euronet, through one of its group companies, was reauthorized by the U.K.

Financial Conduct Authority to provide payment services under the Second Payment Services Directive (“PSD2”) as well as continue to provide e-money serves under the 2EMD.

By the end of 2019 , Euronet's IAD network of ATMs had expanded to include 29 countries.

Our product portfolio for the EFT Processing Segment operates in 86 countries.

In 2003, Euronet added a complementary business line through the acquisition of epay Limited (“epay”), which had offices in the U.K.

2003 - We added a complementary business line through the acquisition of epay Limited (“epay”), which had offices in the U.K.

and Australia.

Through subsequent acquisitions between 2003 and 2011, the epay Segment continued to expand in Europe (Germany, Romania, Spain and the U.K.), the U.S., the Middle East, Asia and Brazil, and established new offices in New Zealand, Poland, India and Italy.

We believe the epay Segment is the world's leading international network for distribution and processing of prepaid mobile airtime ("top-up") as well as other electronic payment products and services.

In 2007, we established the Money Transfer Segment after completing the acquisition of Los Angeles-based Ria, one of the largest global money transfer companies measured by revenues and transaction volumes.

Established in 1987, Ria originates and terminates transactions through a network of sending agents and Company-owned stores located around the world.

In November 2009, Ria obtained a payment services license under the E.U.'s Payment Services Directive ("PSD") from the U.K.

Financial Services Authority, (now the Financial Conduct Authority), which allowed Ria to operate under one license and one regulator for all EEA Member States ("Member States").

Ria also obtained payment services licenses in Spain and France.

The licenses also facilitated expansion into new markets through the sales of money transfers through agents in countries where the use of agents was not previously permitted.

Ria became reauthorized under PSD2 in 2018.

In 2014, Euronet added a complementary product to the money transfer portfolio through the acquisition of HiFX, which offered account-to-account international payment services to high-income individuals and small-and-medium sized businesses.

In 2015, we completed the acquisition of IME (M) Sdn Bhd ("IME") which provided Euronet with immediate entry into the Asian and Middle East money transfer send markets.

In 2015, we also added a complementary business line through the acquisition of xe Corporation ("xe"), which provides currency-related data and international payment services.

In addition to expanding its money transfer network, the segment expanded its product portfolio to offer complementary non-money transfer products such as bill payment and check cashing, and prepaid services in conjunction with the epay Segment.

In October 2016, the Company completed the acquisition of YourCash Europe Limited and its subsidiaries (“YourCash”).

YourCash is a company incorporated in England that owns and operates primarily merchant filled ATMs in the United Kingdom, the Netherlands, and Ireland.

In March 2018, the Company completed the acquisition of Innova Tax Free Group S.L.

and its subsidiaries (“Innova”).

Innova is a company incorporated in Spain and offers tax refunds services to consumers in Spain, Portugal, United Kingdom, France, Italy and Germany.

In May 2018, the Company acquired Easycash Ireland Limited (“Easycash”).

Easycash owns and operates a network of ATMs in the Republic of Ireland.

In November 2019, the company completed the acquisition of a small ATM outsourcing network.

2007 - We established the Money Transfer Segment after completing the acquisition of Los Angeles-based Ria, one of the largest global money transfer companies measured by revenues and transaction volumes.

2015 - We completed the acquisition of IME (M) Sdn Bhd ("IME") which provided Euronet with immediate entry into the Asian and Middle East money transfer send markets.

We also added a complementary business line through the acquisition of xe Corporation ("xe"), which provides currency-related data and international payment services.

2019 – REN Ecosystem goes live and the migration of legacy software to the REN Ecosystem begins.

Current - Euronet conducts business globally, serving customers in approximately 175 countries.

As of December 31, 2020, we have 13 transaction processing centers, six in Europe, five in Asia Pacific and two in North America.

We also maintain 66 business offices that are located in 43 countries.

Our corporate offices are located in Leawood, Kansas, USA.

Business Segment Overview

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EFT Processing Segment

Our EFT Processing Segment provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing;

card issuing and merchant acquiring services.

In addition to our core business, we offer a variety of value added services, including ATM and POS dynamic currency conversion, domestic and international surcharge, advertising, CRM, prepaid mobile top-up, bill payment, money transfer, fraud management, foreign remittance payout, cardless payout, banknote recycling solutions and tax-refund services.

In addition to our core business, we offer a variety of value added services, including ATM and POS DCC, domestic and international surcharge, advertising, CRM, prepaid mobile top-up, bill payment, money transfer, fraud management, foreign remittance payout, cardless payout, banknote recycling solutions and tax-refund services.

We provide these services either through our Euronet -owned ATMs and POS terminals, through contracts under which we operate ATMs and POS terminals on behalf of our customers or, for certain services, as stand-alone products.

Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

The primary sources of revenues generated by our ATM network are recurring monthly management fees, transaction-based fees, surcharges and margins earned on dynamic currency conversion transactions.

Sources of Revenues

The primary sources of revenues generated by our ATM network are recurring monthly management fees, transaction-based fees, surcharges and margins earned on DCC transactions.

We receive fixed monthly fees under many of our outsourced management contracts.

The EFT Processing Segment also generates revenues from POS operations and merchant management, card network management for credit, debit, prepaid and loyalty cards, prepaid mobile airtime recharge and other electronic content on ATMs and ATM advertising.

We primarily service financial institutions in the developing markets of Central, Eastern and Southern Europe (Hungary, Poland, the Czech Republic, Croatia, Romania, Serbia, Greece and Ukraine), the Middle East and Asia Pacific (India, China, Malaysia, Pakistan and the Philippines), as well as several developed countries in Western Europe.

We primarily service financial institutions across Europe, the Middle East, Asia Pacific, and the United States.

As of December 31, 2020, we operated 37,729 ATMs compared to 46,070 at December 31, 2019.

The increase was largely due to the expansion of our ATM networks in Asia Pacific and Europe.

The decrease was largely due to temporary closures of ATMs in response to the COVID-19 pandemic.

We monitor the number of transactions made by cardholders on our network.

These include cash withdrawals, balance inquiries, deposits, prepaid mobile airtime recharge purchases, dynamic currency conversion transactions and certain denied (unauthorized) transactions.

These include cash withdrawals, balance inquiries, deposits, prepaid mobile airtime recharge purchases, DCC transactions and certain denied (unauthorized) transactions.

We do not bill certain transactions on our network to financial institutions, and we have excluded these transactions for reporting purposes.

The number of transactions processed over our networks has increased over the last five years at a compound annual growth rate (“CAGR”) of approximately 19.1% as indicated in the following table:

The number of transactions processed over our netw orks has increased over the last five years at a compound annual growth rate ("CAGR") of approximately 11.7% as indicated in the following table:

(in millions)

EFT Processing Segment transactions per year

Our processing centers for the EFT Processing Segment are located in Martinsreid, Germany;

Budapest, Hungary;

Mumbai, India;

Beijing, China;

and Karachi, Pakistan .

The increase in transactions for 2020 is the result of a significant increase in the volume of lower value, digitally-initiated payment processing transactions for an Asia Pacific customer's bank wallet and e-commerce site.

Our processing centers for the EFT Processing Segment are located in Germany, Hungary, India, China, and Pakistan.

Our processing centers run two types of proprietary transaction switching software:

our legacy ITM software, which we have used and sold to banks since 1998 through our Software Solutions unit, and a new, innovative switching software package named “REN” which is hosted in Germany and India.

The processing centers operates 24 hours a day, seven days a week.

our legacy ITM software, which we have used and sold to financial institutions since 1998 through our Software Solutions unit, an innovative switching software package named "REN", which is hosted in Germany and India, that was released in 2017.

The processing centers operate 24 hours a day, seven days a week.

We have been progressively transitioning all of our networks to REN.

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Euronet offers outsourced management solutions to financial institutions, merchants, mobile phone operators and other organizations using our processing centers' electronic financial transaction processing software.

Our outsourced management solutions include management of existing ATM networks, development of new ATM networks, management of POS networks,

management of automated deposit terminals, management of credit and debit card databases and other financial processing services.

Our outsourced management solutions include management of existing ATM networks, development of new ATM networks, management of POS networks, management of automated deposit terminals, management of credit and debit card databases and other financial processing services.

These solutions include 24-hour monitoring of each ATM's status and cash condition, managing the cash levels in each ATM, coordinating the cash delivery and providing automatic dispatches for necessary service calls.

We also provide real-time transaction authorization, advanced monitoring, network gateway access, network switching, 24-hour customer service, maintenance, cash settlement and reconciliation, forecasting and reporting.

Since our infrastructure can support a significant increase in transactions, any new outsourced management solutions agreements should provide additional revenue with lower incremental cost.

Since our infrastructure can support a significant increase in transactions, new outsourced management solutions agreements should provide additional revenue with lower incremental cost.

Our outsourced management solutions agreements generally provide for fixed monthly management fees and, in most cases, fees payable for each transaction.

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This is accomplished through our agreements and relationships with these institutions, international credit and debit card issuers and international card associations.

When a bank cardholder conducts a transaction on a Euronet-owned ATM or automated deposit terminal, we receive a fee from the cardholder's bank for that transaction.

When a bank cardholder conducts a transaction on a Euronet-owned ATM or auto mated deposit terminal, we receive a fee from the cardholder's bank for that transaction.

The bank pays us this fee either directly or indirectly through a central switching and settlement network.

When paid indirectly, this fee is referred to as the "interchange fee." All of the banks in a shared ATM and POS switching system establish the amount of the interchange fee by agreement.

We receive transaction processing fees for successful transactions and, in certain circumstances, for transactions that are not completed because they fail to receive authorization.

We receive transaction processing fees for successful transactions and, in certain circumstances, for transactions that are not complete d because they fail to receive authorization.

The fees paid to us by the card issuers are independent of any fees charged by the card issuers to cardholders in connection with the ATM transactions.

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Dynamic currency conversion;

Prepaid telecommunication recharges and other electronic content.

Prepaid telecommunication recharg es and other electronic content.

Card Acceptance or Sponsorship Agreements

Our agreements with financial institutions and international card organizations generally provide that all credit and debit cards issued by the financial institution or organization may be used at all ATMs that we operate in a given market.

In most markets, we operate under sponsorship by our own e-money licensed entity, Euronet 360 Finance Limited ("E360").

In some markets, we have agreements with a financial institution under which we are designated as a service provider (which we refer to as “sponsorship agreements”) for the acceptance of domestic cards and/or cards bearing international logos, such as Visa and Mastercard.

In most markets, we operate under sponsorship by our own e-money licensed entities.

In some markets, we have agreements with a financial institution under w hich we are designated as a service provider (which we refer to as "sponsorship agreements") for the acceptance of domestic cards and/or cards bearing international logos, such as Visa ® and Mastercard ® .

These card acceptance or sponsorship agreements allow us to receive transaction authorization directly from the card issuing institution or international card organizations on a stand-in basis.

Our agreements generally provide for a term of three to seven years and renew automatically unless either party provides notice of non-renewal prior to the termination date.

Our agreements generally provide for a term of three to seven years and renew automatically unless either party p rovides notice of non-renewal prior to the termination date.

In some cases, the agreements are terminable by either party upon six months' notice.

We are generally able to connect a financial institution to our network within 30 to 90 days of signing a card acceptance agreement.

The financial institution provides the cash needed to complete transactions on the ATM, but we do provide a significant portion of the cash to our IAD network to fund ATM transactions ourselves.

The financial institution provides the cash needed to complete transactions on the ATM, but we provide a significant portion of the cash to our IAD network to fund ATM transactions ourselves.

Euronet is generally liable for the cash in the ATM networks.

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Dynamic Currency Conversion

We offer dynamic currency conversion (“DCC”) over our IAD networks, ATM networks that we operate on an outsourced basis for banks, and over banks' ATM networks or POS devices as a stand-alone service.

We offer dynamic currency conversion, or DCC, over our IAD networks, ATM networks that we operate on an outsourced basis for financial institutions, and over financial institutions' ATM networks or POS devices as a stand-alone service.

DCC is a feature of the underlying ATM or POS transaction that is offered to customers completing transactions using a foreign debit or credit card issued in a country with a currency other than the currency where the ATM or POS is located.

The customer is offered a choice between completing the transaction in the local currency or in the customer's home currency via a DCC transaction.

If a cardholder chooses to perform a DCC transaction, the acquirer or processor performs the foreign exchange conversion at the time that the funds are delivered at an ATM or transactions completed through the POS terminal, which results in a pre-defined amount of the customer's home currency being charged to their card.

If a cardholder chooses to perform a DCC transaction, the acquirer or processor performs the foreign exchange conversion at the time that the funds are delivered at an ATM or the transactions are completed through the POS terminal, which results in a pre-defined amount of the customer's home currency being charged to their card.

Alternatively, the customer may have the transaction converted by the card issuing bank, in which the amount of local currency is communicated to the card issuing bank and the card issuing bank makes the conversion to the customer's home currency.

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If Euronet is not the acquirer or processor of the transaction, we share the DCC revenue with the sponsor bank.

On ATMs or POS devices that are operated for banks, or where we offer DCC as a stand-alone service to banks or merchants, we share the foreign exchange margin.

On ATMs or POS devices that are operated for financial institutions, or where we offer DCC as a stand-alone service to financial institutions or merchants, we share the foreign exchange margin.

The foreign exchange margin on a DCC transaction increases the amount Euronet earns from the underlying ATM or POS transaction and supports deployment of additional ATMs in new locations.

Other Products and Services

Our network of owned or operated ATMs allows for the sale of financial and other products or services at a low incremental cost.

Our network of owned or operated ATMs allows for the sale of additional financial and other products or services at a low incremental cost.

We have developed value added services in addition to basic cash withdrawal and balance inquiry transactions.

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SEPA is an area in which all electronic payments can be made and received in euros, whether between or within national boundaries, under the same basic conditions, rights and obligations, regardless of the location.

This single, centralized acquiring platform enables merchants to benefit from cost savings and faster, more efficient payments transfer.

This single, c entralized acquiring platform enables merchants to benefit from cost savings and faster, more efficient payments transfer.

Although many European countries are not members of the eurozone, our platform can serve merchants in these countries as well, through our multi-currency functionality.

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Our proprietary software is used by our processing centers in the EFT Processing Segment, resulting in cost savings and added value compared to third-party license and maintenance options.

Our proprietary software consists of our legacy ITM software, which we have used and sold to banks since 1998 through our Software Solutions unit, and an innovative switching software package named REN that we released in 2017.

Our proprietary software consists of our legacy ITM software, which we have used and sold to financial institutions since 1998 through our Software Solutions unit, and an innovative switching software package named REN that we released in 2017.

We currently operate REN in our processing center to process payments for our own networks in Europe and we are progressively transitioning all our networks globally to REN.

The private cloud architecture of REN allows us to simultaneously deploy REN across multiple physical locations.

While we currently only operate REN for our internal resources, REN is scalable and will allow us to offer payment and digital solutions to third parties.

In addition to payments processing, REN also supports other digital elements, including card issuing for physical and virtual cards, loyalty services,

Know Your Customer compliance, real time settlement, inventory management, risk and fraud management and other services.

REN will be used as a platform to connect Euronet assets to offer digital payment solutions.

REN is now operated for both internal resources and external customers with the launch of the REN Foundation for Mozambique's National Payments Network in 2020.

REN is scalable and will allow us to offer payment and digital solutions to more third parties.

In addition to payments processing, REN also supports other digital elements, including card issuing for physical and virtual cards, loyalty services, Know Your Customer compliance, real time settlement, inventory management, risk and fraud management and other services.

REN will be used as a platform to connect Euronet assets to offer digital payment solutions, and is currently utilized within the epay and Money Transfer Segments.

EFT Processing Segment Strategy

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Euronet is well positioned for this opportunity as it can offer a full end-to-end solution to the potential partners.

Additional growth opportunities are driven through financial institutions that are receptive to outsourcing the operation of their ATM, POS and card networks.

Additional growth opportunities are driven through financial institution s that are receptive to outsourcing the operation of their ATM, POS and card networks.

The operation of these devices requires expensive hardware and software and specialized personnel.

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It is also impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels after the holiday season.

This seasonality is increased due to our practice of "winterizing" ATMs in tourist locations that experience significantly higher traffic during the summer.

Winterizing involves shutting down the ATMs during the slower winter months and results in lower overall transaction volumes in the EFT Processing Segment during those months.

As we have expanded our IAD network in tourist locations, the financial impact of winterization has increased, because we continue to bear the expense of winterized ATMs even though they do not generate transactions during the winter months.

This seasonality is increased due to our practice of seasonally deactivating ATMs in tourist locations that experience significantly higher traffic during the summer.

Seasonally deactivating involves shutting down the ATMs during the slower months and results in lower overall transaction volumes in the EFT Processing Segment during those months.

As we have expanded our IAD network in tourist locations, the financial impact of seasonally deactivating has increased, because we continue to bear the expense of seasonally deactivated ATMs even though they do not generate transactions during the slower months.

Significant Customers and Government Contracts

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In India, we have contracts with government-owned banks to provide certain ATM driving and transaction switching services and mobile airtime recharge services.

Additionally, certain government-owned banks are members of our shared ATM network in India.

In Croatia, we lease land and other property for certain ATM sites from companies that are majority-owned by the government.

Additionally, certain government-owned banks are members of our shared ATM network in India and we provide software services to financial institutions partially owned by government-owned banks.

In Austria, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Germany, Hungary, Ireland, Italy, Malta, Poland, Portugal, Romania, Slovakia, Spain, and the United Kingdom, we lease land and other property for certain ATM sites from companies that are majority-owned by the government.

In Pakistan, we have a contract with a government-owned bank to provide software support services.

In China and Greece, we have contracts with clients and financial institutions that are partially owned by the government.

Our principal EFT Processing Segment competitors include ATM networks owned by financial institutions and national switches consisting of consortiums of local banks that provide outsourcing and transaction services to financial institutions and independent ATM deployers in a particular country.

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None of these competitors has a dominant market share in any of our markets.

Competitive advantages in our

EFT Processing Segment include breadth of service offering, network availability and response time, price to both the financial institution and to its customers, ATM location and access to other networks.

Competitive advantages in our EFT Processing Segment include breadth of service offering, network availability and response time, price to both the financial institution and to its customers, ATM location and access to other networks.

We currently offer prepaid mobile airtime top-up services and other electronic content and payment processing services for various prepaid products, cards and services on a network of approximately 748,000 POS terminals across approximately 338,000 retailer locations in Europe, the Middle East, Asia Pacific, the United States and South America.

Our processing centers for the epay Segment are located in Billericay, U.K.;

Martinsried, Germany;

Hamburg, Germany;

Milan, Italy;

Buena Park, California, USA;

and Kansas City, Missouri, USA .

Our processing centers for the epay Segment are located in the U.K., Germany, Italy, and the U.S.

Since 2003, we have expanded our prepaid business in new and existing markets by drawing upon our depth of experience to build and expand relationships with content providers, mobile phone operators and retailers.

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The epay Segment generates commissions and processing fees from the distribution of electronic content and from telecommunications service providers for the sale and distribution of prepaid mobile airtime.

In 2019 , of the total revenues and gross profit for the epay Segment, approximately 63% of total revenues and approximately 72% of gross profit was from electronic content other than prepaid mobile airtime (digital media products).

In 2020, approximately 65% of total revenues and approximately 71% of gross profit for the epay Segment was from electronic content other than prepaid mobile airtime (digital media products).

Customers purchase digital media prepaid content as a gift or for self-use.

Content is generally purchased in two ways:

Directly online from the content provider using an online payment method;

Through physical retail stores, online retailers or other electronic channels, including payment wallets, online banking, mobile applications and other sources.

Customers using mobile phones generally pay for usage in one of two ways:

Through “postpaid” accounts, where usage is billed at the end of each billing period;

Through “prepaid” accounts, where customers pay in advance by crediting their accounts prior to usage.

(1) d irectly online from the content provider using an online payment method, or (2) through physical retail stores, online retailers or other electronic channels, including payment wallets, online banking, mobile applications and other sources.

C us tomers using mobile phones generally pay for usage in one of two ways:

(1) t hrough "postpaid" accounts, where usage is billed at the end of each billing period, or (2) through "prepaid" accounts, where customers pay in advance by crediting their accounts prior to usage.

Although mobile phone operators in the U.S.

and certain European countries have provided service principally through postpaid accounts, the norm in many other countries in Europe and the rest of the world is to offer wireless service on a prepaid basis.

Prepaid mobile phone credits are generally distributed using personal identification numbers ("PINs").

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These transactions obtain the PIN directly from the mobile operator.

The customer pays the retailer and the retailer becomes obligated to make settlement to us of the principal amount of the mobile airtime sold.

The customer pays the retailer and the retailer becomes obligated to make settlement to us of the purchased amount of the mobile airtime.

We maintain systems that know the amount of mobile top-up sold by the retailer which allows us in turn to bill that retailer for the mobile top-up sold.

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We continue to focus on growing our distribution network through independent sales organizations that contract directly with retailers in their network to distribute prepaid mobile airtime or other digital media content from the retailers' POS terminals.

We continue to increase our focus on direct relationships with chains of supermarkets, convenience stores, gas stations, and other larger scale retailers, where we can negotiate agreements with the retailers on multi-year bases.

In addition to the sale of traditional mobile top-up volume described above, we have expanded distribution into digital media products and other value-added services.

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Prepaid Mobile Airtime Transaction Processing

We process prepaid mobile airtime top-up transactions on our POS network across Europe, the Middle East, Asia Pacific, North America and South America for two types of clients:

We process prepaid mobile airtime top-up transactions on our international POS network for two types of clients:

distributors and retailers.

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In certain locations, the terminals used for prepaid services can also be used for electronic funds transfer to process credit and debit card payments for retail merchandise.

We provide promotion and advertising for content providers of their prepaid

content throughout our retail distribution network.

We provide promotion and advertising for content providers of their prepaid content throughout our retail distribution network.

We also provide card production and processing services to some of our prepaid gift card partners and telecom content providers.

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However, we have been establishing agreements with independent German retailers in order to diversify our exposure to such distributors.

The number of transactions processed on our POS network over the last five years are indicated in the table below:

The number of transactions processed on our POS netw orks has increased over the last five years at a compound annual growth rate ("CAGR") of approximately 13.1% as indicated in the following table:

(in millions)

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No individual customer of our epay Segment makes up greater than 10% of total consolidated revenues.

epay has a contract for the technology and distribution infrastructure for six state-owned lotteries in Germany.

In addition, epay has contracts with the state of Florida's (USA) Turnpike partners and Transurban Limited, the largest manager of toll road networks in Australia, Cubic supporting New South Wales Transport ticketing in Australia and with New Zealand Transport Authority, which operates all toll roads in New Zealand.

e pay has a contract for the technology and distribution infrastructure for six state-owned lotteries in Germany.

In addition, epay has contracts with Transurban Limited, the largest manager of toll road networks in Australia, Cubic supporting New South Wales Transport ticketing in Australia and with New Zealand Transport Authority, which operates all toll roads in New Zealand.

In Germany, Cadooz has a contract with Deutsche Bahn, which is majority owned by the German state.

We also have a contract for the distribution of mobile airtime with a Saudi company, which is majority owned by the Saudi government.

We also have a contract for the processing of mobile airtime with a Saudi company, which is majority owned by the Saudi government.

There are no other government contracts in the epay Segment.

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Money Transfer Segment

We provide global money transfer services primarily under the brand names Ria, IME, and xe.

Ria and IME provide consumer-to-consumer money transfer services through a global network of more than 397,000 locations and our website riamoneytransfer.com and online.imeremit.com.

We provide global money transfer services primarily under the brand names Ria, IME, AFEX, and xe.

Ria and IME provide consumer-to-consumer money transfer services through a global network of more than 464 ,000 locations and our websites riamoneytransfer.com and online.imeremit.com.

Most of our money transfers are originated through sending agents in approximately 43 countries, with money transfer delivery completed in 159 countries.

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Each Ria money transfer transaction is processed using Euronet's proprietary software system and checked for security, completeness and compliance with federal and state regulations at every step of the process.

Senders can track the

progress of their transfers through Ria's customer service representatives, and funds are delivered quickly to their beneficiaries via our extensive payout network, which includes large banks and non-bank financial institutions, post offices and large retailers.

Our processing centers for the Money Transfer Segment are located in Buena Park, California, USA;

Bracknell, U.K.;

Auckland, New Zealand;

Kansas City, Missouri, USA;

and Kuala Lumpur, Malaysia .

We mainly operate Ria call centers in Buena Park, California;

Antiguo Cuscatlán, El Salvador;

Kuala Lumpur, Malaysia;

Dakar, Senegal;

Mumbai, India and Madrid, Spain and provide multi-lingual customer service for both our agents and consumers.

Additionally, we operate a call center for xe in Sydney, Australia.

Senders can track the progress of their transfers through Ria's customer service representatives, and funds are delivered quickly to their beneficiaries via our extensive payout network, which includes large banks and non-bank financial institutions, post offices and large retailers.

Our processing centers for the Money Transfer Segment are located in the U.S., the U.K., New Zealand, and Malaysia.

We are one of the largest global money transfer companies measured by revenues and transaction volumes.

Our Money Transfer Segment processed approximately $54 billion in money transfers in 2020.

Sources of Revenues

Revenues in the Money Transfer Segment are derived through the charging of a transaction fee, as well as a margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates.

Sending agents and receiving agents for consumer-to-consumer products each earn fees for cash collection and distribution services.

Euronet recognizes these fees as direct operating costs at the time of sale.

Money Transfer Products and Services

Money transfer products and services are sold primarily through three channels at agent locations, Company-owned stores and on internet enabled devices at riamoneytransfer.com, online.imeremit.com, xe.com, and https://transferxe.com (online transactions).

Money transfer products and services are sold primarily through three channels:

at agent locations, Company-owned stores and on internet enabled devices at riamoneytransfer.com, online.imeremit.com, xe.com, and https://transferxe.com (online transactions).

In an online transaction, customers send funds, using a bank account or credit or debit card, for pay-out at most of our agent locations around the world or directly to a bank account.

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The agent then faxes the signed receipt back to Ria to complete the transaction.

Through our Walmart-2-Walmart Money Transfer Service, which allows customers to transfer money to and from Walmart stores in the U.S., our Ria business executes the transfers with Walmart serving as both the sending agent and payout correspondent.

Through our Walmart-2-Walmart Money Transfer Service, which allows customers to transfer money to and from Walm art stores in the U.S., our Ria business executes the transfers with Walmart serving as both the sending agent and payout correspondent.

Ria earns a significantly lower margin from these transactions than its traditional money transfers;

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domestic money transfers branded with Walmart marks.

The agreement had an initial term expiring in April 2017 and was renewed for an additional three-year period until April 2020.

The agreement is effective until April 2023.

Thereafter, it will automatically renew for one year terms unless either party provides notice to the contrary.

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xe also offers foreign currency exchange subscriptions and advertising on its websites.

Sources of Revenues

Sending agents and receiving agents for consumer-to-consumer products each earn fees for cash collection and distribution services.

Euronet recognizes these fees as direct operating costs at the time of sale.

Money Transfer Segment Strategy

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The Money Transfer Segment maintains correspondent relationships with a number of financial institutions whose ownership includes governments of the correspondents' countries of origin.

Those countries include Armenia, Bangladesh, Benin, Bhutan, Bosnia-Herzegovina, Burundi, China, Costa Rica, Cote d'Ivoire, Cuba, Djibouti, Dominican Republic, Ecuador, Egypt, Eritrea, Ethiopia, Fiji, Gabon, Ghana, Guatemala, Mali, Mauritania, Mexico, Pakistan, Philippines, Poland, Romania, Saudi Arabia, Senegal, Tunisia, Uganda, Ukraine, Vietnam, Burkina Faso, El Salvador, Gambia, Georgia, Guinea, Guinea Bissau, Honduras, India, Kenya, Kyrgyzstan, Liberia, Mauritius, Moldova, Morocco, Myanmar, Niger, Nigeria, Rwanda, Sri Lanka, Suriname, Tanzania, Thailand, Turkey, Yemen and Zambia.

Those countries include Armenia, Austria , Bangladesh, Belarus , Belgium , Benin, Bhutan, Bolivia , Bosnia-Herzegovina, Botswana , Burkina Faso, Burundi, Cameroon , Cape Verde , Chad , China, Costa Rica, Cote d'Ivoire, Cuba , Djibouti, Dominican Republic, Ecuador, Egypt, El Salvador, Eritrea, Ethiopia, Fiji, Gabon, Gambia, Georgia, Ghana, Guatemala, Guinea, Guinea - Bissau, Honduras, India, Indonesia , Italy , Jordan , Kenya, Kyrgyzstan, Laos , Liberia, Madagascar , Malaysia, Mali, Mauritania, Mauritius, Mexico, Moldova, Morocco, Myanmar, Niger, Nigeria, Pakistan, Philippines, Poland, Romania, Rwanda, Saudi Arabia, Serbia , Senegal, Sri Lanka, Suriname, Tanzania, Thailand, Togo , Tunisia, Turkey, Uganda, Ukraine, Uzbekistan , Vietnam, Yemen, Zambia, and Zimbabwe .

Our primary competitors in the money transfer and bill payment business include other large money transfer companies and electronic money transmitters, together with hundreds of smaller registered and unregistered money transmitters, as well as certain major national and regional banks, financial institutions and independent sales organizations.

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This may allow them to offer better pricing terms to customers, agents or correspondents, which may result in a loss of our current or potential customers or could force us to lower our prices.

In addition to traditional money payment services, new technologies are emerging that compete with traditional money payment services, such as stored-value cards, debit networks and web-based services and digital currencies.

Our continued growth also depends upon our ability to compete effectively with these alternative technologies.

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states and foreign governments.

These include international, federal and state anti-money laundering laws and regulations, money transfer and payment instrument licensing laws, escheat laws, laws covering consumer privacy, data protection and information security and consumer disclosure and consumer protection laws.

These include international, federal and state anti-money laundering and sanctions laws and regulations, money transfer and payment instrument licensing laws, escheat laws, laws covering consumer privacy, data protection and information security and consumer disclosure and consumer protection laws.

Our operations have also been subject to increasingly strict requirements intended to help prevent and detect a variety of illegal financial activity, including money laundering, terrorist financing, unauthorized access to personal customer data and other illegal activities.

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We monitor our business for compliance with applicable laws or regulations regarding financial activities.

Certain of our European product offerings, including in particular, our money transfer services, merchant acquiring and bill payment products, are regulated services requiring a license under the PSD2, which replaced PSD effective January 13, 2018.

Key changes made by PSD2 to PSD include:

extension of PSD rules on transparency to additional transactions not previously covered by PSD;

Certain of our European product offerings, including in particular, our money transfer services, merchant acquiring and bill payment products, are regulated payment services requiring a license under the Second Payment Services Directive, or PSD2 , which replaced the Payment Services Directive, or PSD, effective January 13, 2018.

Key changes made by PSD2 include:

creation of two new payment service types, extension of PSD rules on transparency to additional transactions not previously covered by PSD;

enhanced cooperation and information exchange between authorities in the context of authorization and supervision of payment institutions and electronic money institutions;

and increased obligations around the management of operational and security risk, increased obligations relating to complaints handling and additional requirements regarding payment security.

PSD2 requires a license to perform certain defined "payment services" in a European country, which may be extended throughout the Member States through passporting.

and increased obligations around the management of operational and security risk and the notification of incidents, increased obligations relating to complaints handling and additional requirements regarding payment security.

PSD2 as implemented in some member states also resulted in some of our European licensed institutions needing to go through a re-authorisation process.

PSD2 requires a license to perform certain defined "payment services" in a European Economic Area (“EEA”) Member State and such license may be extended throughout other Member States of the EEA through passporting of the license (either on a freedom of service or freedom of establishment basis).

Conditions for obtaining the license include minimum capital requirements, establishment of procedures for safeguarding of funds, and certain governance and reporting requirements.

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We have payment institution licenses in the U.K., France, Germany, and Spain and are complying with these requirements.

To date, we have passported our U.K., German and Spanish payment services authorizations to several Member States and our Spanish authorization to several host Member States.

Additionally, in the U.K., we have obtained an e-money license under the 2EMD.

Traditionally, we passported our U.K., German and Spanish payment services authorizations to several Member States.

As a result of Brexit, our U.K, payment institution is no longer capable of passporting its license in to the EEA and the relevant EEA business was transferred to our other licenses prior to the end of the Brexit transition period.

Additionally, in the U.K., we have obtained an e-money license.

The e-money license allows Euronet to issue e-money and provide the same payment services as a PSD2 licensee.

The e-money license imposes certain requirements similar to those of the payment services license, including minimum capital requirements, consumer disclosure and internal controls and can be passported to Member States.

Our e-money license holder is currently operating in over twenty-one Member States.

The e-money license imposes certain requirements similar to those of the payment services license, including minimum capital requirements, consumer disclosure and internal controls.

Prior to the end of the Brexit transition period, our e-money license was passported into over twenty-five EEA Member States.

As a result of Brexit, we have restructured the regulated services provided by our U.K.

e-money institution in the EEA Member States and transitioned them to our other payment service licenses that can still operate in the EEA.

The e-money institution will continue to operate in the U.K.

Money Transfer and Payment Instrument Licensing

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federal, state and/or foreign anti-money laundering laws and regulations.

Control (“OFAC”), the Bank Secrecy Act as amended by the USA PATRIOT (“BSA”), the Financial Crimes Enforcement Network (“FINCEN”), as well as any existing or future regulations that impact any aspect of our money transfer business.

A similar set of regulations applies to our money transfer businesses in most of the foreign countries in which we originate transactions.

In summary, our Money Transfer Segment, as well as our agent network, is subject to regulations issued by the different state and foreign national regulators who license us, the Office of Foreign Assets Control ("OFAC"), the Bank Secrecy Act as amended by the USA PATRIOT ("BSA"), the Financial Crimes Enforcement Network ("FINCEN"), as well as any existing or future regulations that impact any aspect of our money transfer business.

A similar s et of regulations applies to our money transfer businesses in most of the foreign countries in which we originate transactions.

These laws and regulations include monetary limits for money transfers into or out of a country, rules regarding the foreign currency exchange rates offered, as well as other limitations or rules for which we must maintain compliance.

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The CFPB audits our compliance with these rules, and we may be subject to fines or penalties for violations of any of such rules.

Escheat Regulations

Escheat Regulati ons

Our Money Transfer Segment is subject to the unclaimed or abandoned property (i.e., "escheat") regulations of the United States and certain foreign countries in which we operate.

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Privacy and Information Security Regulations

Our Money Transfer Segment operations involve the collection and storage of certain types of personal customer data that are subject to privacy and security laws in the U.S.

Our operations involve the collection and storage of certain types of personal customer data that are subject to pr ivacy and security laws in the U.S.

In the United States, we are subject to the Gramm-Leach-Bliley Act ("GLBA") and various state laws including California Consumer Privacy Act ("CCPA"), which requires that financial institutions have in place policies regarding the collection, processing, storage and disclosure of information considered nonpublic personal information.

Laws in other countries include the E.U.'s General Data Protection Regulation (2016/679) ("GDPR"), which became effective from May 25, 2018, as well as the laws of other countries.

Laws in other countries include the E.U.'s General Data Protection Regulation (2016/679) ("GDPR"), which became effective fr om May 25, 2018, as well as the laws of other countries.

The GDPR establishes stringent requirements for the collection and processing of personal information of individuals within the E.U.

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We comply with the GLBA and state privacy provisions.

In October 2015, the European Court of Justice invalidated the European Commission’s decision of 2000 regarding the transfer of personal data from the E.U.

to the United States (known as the "Safe Harbor Decision").

Despite the October 2015 ruling of the European Court of Justice, we believe we remain in compliance with E.U.

In July 2020, the European Court of Justice invalidated the EU-US Privacy Shield as a lawful mechanism for transferring personal data to the US as a result of concerns related to surveillance by law enforcement agencies and a lack of judicial redress by individuals in the EU (known as the "Schrems II" decision).

Despite the July 2020 ruling of the European Court of Justice, we believe we remain in compliance with E.U.

regulations regarding the transfer of personal data to the United States and other jurisdictions.

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and other business entities from making improper payments to foreign government officials, political parties or political party officials.

We are also subject to the

applicable anti-corruption laws in the jurisdictions in which we operate, such as the U.K.

We are also subject to the applicable anti-corruption laws in the jurisdictions in which we operate, such as the U.K.

Bribery Act, thus potentially exposing us to liability and potential penalties in multiple jurisdictions.

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Such penalties could have a material adverse effect on our business, financial condition and results of operations.

Money Transfer Compliance Policies and Programs

Sanctions Compliance

In addition to anti-money laundering laws and regulations, our products and services are subject to economic and trade sanctions laws and regulations promulgated by OFAC and other jurisdictions in which our products and services are offered.

The sanctions laws and regulations prohibit or restrict transactions to or from (or dealings with or involving) certain countries, regions, governments, and in certain circumstances, specified foreign nationals, as well as with certain individuals and entities such as narcotics traffickers, terrorists, and terrorist organizations.

These sanctions laws and regulations require screening of transactions against government watch-lists, including but not limited to, the watch-lists maintained by OFAC, and include transactional and other reporting to government agencies.

Compliance Policies and Programs

We have developed risk-based policies and programs to comply with existing and new laws, regulations and other requirements outlined above, including having dedicated compliance personnel, training programs, automated monitoring systems and support functions for our offices and agents.

To assist in managing and monitoring our money laundering and terrorist financing risks, we continue to have our compliance programs, in many countries, independently examined on an annual basis.

In addition, we continue to enhance our anti-money laundering, counter-terrorist financing compliance policy, procedures and monitoring systems, as well as our consumer protection policies and procedures.

In addition, we continue to enhance our anti-money laundering and counter-terrorist financing compliance policy, procedures and monitoring systems, as well as our consumer protection policies and procedures.

Intellectual Property

Each of our three operating segments utilizes intellectual property which is protected in varying degrees by a combination of trademark, patent and copyright laws, as well as trade secret protection, license and confidentiality agreements.

Each of our three operating segments utilizes intellectual property which is protected in varying degr ees by a combination of trademark, patent and copyright laws, as well as trade secret protection, license and confidentiality agreements.

The brand names of "Ria," "Ria Financial Services," "Ria Envia," "xe," "AFEX," "IME," derivations of those brand names and certain other brand names are material to our Money Transfer Segment and are registered trademarks and/or service marks in most of the markets in which our Money Transfer Segment operates.

Consumer perception of these brand names is important to the growth prospects of our money transfer business.

Consumer perception of these brand names is i mportant to the growth prospects of our money transfer business.

We also hold a U.S.

patent on a card-based money transfer and bill payment system that allows transactions to be initiated primarily through POS terminals and integrated cash register systems.

With respect to our EFT Processing Segment, we have registered or applied for registration of our trademarks, including the names “Euronet” and “Bankomat” and/or our blue diamond logo, as well as other trade names in most markets in which these trademarks are used.

With respect to our EFT Processing Segment, we have registered or applied for registration of our trademarks, including the names "Euronet" and "Bankomat" and/or our blue diamond logo, as well as other trade names in most markets in which these tra demarks are used.

Certain trademark authorities have notified us that they consider these trademarks to be generic and, therefore, not protected by trademark laws.

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and certain other Western European countries.

We have filed pending applications and/or obtained patents for a number of our new software products and our processing technology, including certain top-up services.

With respect to our epay Segment, we have filed trademark applications for the “epay” brand in the U.S., U.K., the E.U.

through a Community Trademark application, Brazil, India, Australia and New Zealand.

The epay trademark has issued to registration in the U.S., U.K., the E.U., Australia, New Zealand and Brazil.

The trademark application in India is still pending.

We have filed pe nding applications and/or obtained patents for a number of our new software products and our processing technology, including certain top-up services and DCC services.

With respect to our epay Segment, we maintain registered trademarks for the "epay" brand and logo in the U.S., U.K., E.U.

(through a Community Trademark application, which provides enforceability of the epay trademark in all member states of the European Union), Brazil, Australia and New Zealand.

We have filed trademark applications for the “epay” brand in India and Singapore.

The trademark applications in both countries are still pending.

Additionally, we have filed a trademark application for the “epay” brand with the Madrid Protocol, which, if granted, will simplify the process to extending the international protection of the epay trademark.

We cannot be certain that we are entitled to use the epay trademark in any markets other than those in which we have registered the trademark;

We have filed patent applications for some of our POS top-up and certain other products in support of epay technology.

however, before entering new markets, we conduct searches to understand our usage rights.

We have filed patent applications for certain POS top-up and other epay technology.

Certain patents have been granted while others have been refused or are still pending.

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The procedures of the U.S.

patent office make it impossible for us to predict whether our patent applications will be approved or will be granted priority dates that are earlier than other patents that have been filed for similar products or services.

patent office make it difficult for us to predict whether our patent applications will be approved or will be granted priority dates that are earlier than other patents that have been filed for similar products or services.

Moreover, many "process patents" have been filed in the U.S.

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Executive Vice President - Chief Financial Officer

December 1996

Executive Vice President - General Counsel

General Counsel and Secretary

Executive Vice President - Chief Executive Officer, epay, Software and EFT Asia Pacific Division

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in Accounting from the University of Central Missouri.

NEWMAN, Executive Vice President, General Counsel.

Newman has been Executive Vice President and General Counsel of Euronet since January 2000.

He joined Euronet in December 1996 as Vice President and General Counsel.

Prior to this, he practiced law with the Washington, D.C.

based law firm of Arent Fox Kintner Plotkin & Kahn and the Paris based law firm of Salans Hertzfeld & Heilbronn.

He is a member of the District of Columbia, California and Paris, France bars.

He received a B.A.

in Political Science and French from Ohio University in 1976 and law degrees from Ohio State University and the University of Paris.

CLAASSEN, General Counsel and Secretary.

Claassen has been General Counsel and Secretary of Euronet since joining the Company in May 2020.

Prior to this, he practiced corporate law with Stinson LLP and Shook, Hardy and Bacon LLP.

He is a member of the Missouri bar.

He received a B.S.

in Agriculture from Kansas State University, an MBA from the University of Kansas and a law degree from Harvard Law School.

CAPONECCHI, Executive Vice President, Chief Executive Officer, epay, Software and EFT Asia Pacific Division.

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In addition, our SEC filings are made available via the SEC's EDGAR filing system accessible at www.sec.gov.

The charters for our Audit, Compensation, and Corporate Governance and Nominating Committees, as well as the Code of Business Conduct & Ethics for our employees, including our Chief Executive Officer and Chief Financial Officer, are available on our Website at www.euronetworldwide.com in the “For Investors” section under "Document and Charters".

The charters for our Audit, Compensation, and Corporate Governance and Nominating Committees, as well as the Code of Business Conduct & Ethics for our employees, including our Chief Executive Officer and Chief Financial Officer, are available on our Website at www.euronetworldwide.com in the "For Investors" section under "Corporate Governance / Documents and Charters".

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business