text: **(23) Concentrations of Business and Credit Risk**
  
  E u ronet is subject to concentrations of business and credit risk. Euro n e t ’s financial instruments mainly include trade accounts re c e i v a b l e s , 
  cash and cash equivalents and investment securities. Euro n e t ’s customer base, although limited, includes the most significant intern a t i o n a l 
  c a rd organizations and certain banks in the markets in which it operates. There f o re, the Company’s operations are directly affected by the 
  financial condition of those entities. 
  
  Cash and cash equivalents, and investment securities are placed with high-credit quality financial institutions or in short - t e rm duration, 
  high-quality debt securities. Euronet does not re q u i re collateral or other security to support financial instruments subject to credit risk. 
  Management believes that the credit risk associated with its financial instruments is minimal due to the control pro c e d u res which monitor 
  c redit worthiness of customers and financial institutions. 
  
  **(24) Research and Development**
  
  The Company regularly engages in re s e a rch and development activities aimed at the development and delivery of new products, services and 
  p rocesses to its customers including, but not limited to, bill payment and presentment, telephone banking products, applications for wire l e s s 
  application protocol (“WAP”) enabled customer touch points, other wireless banking products, GSM mobile prepaid re c h a rge products AT M 
  b rowser products and internet banking solutions as well as significant improvements to core software products. 