IDT Corporation (NYSE:IDT) Q2 2023 Earnings Call Transcript

Samuel Jonas: Well, I mean listen, we definitely have some very strong competitors in the money transfer business. It’s been €“ it’s a business that’s been around for many, many years. And again, as I have said, I don’t think that we do anything unique. What we do is we give €“ I think what we do is we focus on giving customers good value and that’s in every way, from the experience that they have using us to the systems that we have in place to make sure that none of their information is compromised, that the transactions are safe, etcetera, etcetera. We give really good value to our customers. And that’s why they come back to us. As I have said, usually multiple times a month. And at the store level, we are really focused on making sure that we are not only an online competitor.

The money transfer business is still probably 80% of retail business, definitely moving more and more online every day. But we have a strong base of retailers, as you pointed out, in a different question. And we want our retailers to take advantage of using the BOSS Money rather than other competitors of ours. So again, some of them are very good. I am not trying to say that we don’t have good competitors. We have good competitors, but we think we give great value to consumers and to our retailers.

Unidentified Analyst: Okay. Thank you and congrats again on the results.

Samuel Jonas: Thank you.

Operator: As there are no more questions, this concludes our question-and-answer session and conference call. Thank you for attending today’s presentation. You may now disconnect.