Net Element, Inc. (NETE) Busy Integrating Recent Industry InNet Element, Inc. (NETE) Busy Integrating Recent Industry Innovator Acquisition PayOnline
Net Element, a global technology leader in mobile payments and value-added transactional services, is forging ahead with wholly owned subsidiary TOT Group Europe, Ltd. to leverage the value of recent acquisition PayOnline, a regional leader in online transaction processing and payment-enabling technology.
PayOnline facilitates online payments for a user base of more than 10 million active consumers and thousands of merchants in Europe, Asia and Commonwealth of Independent States. The company’s proprietary payment solutions serves up innovations such as card2card transfer and payment split soon to be incorporated into the company’s global service offering.
Industry data suggests PayOnline accounts for 30% of the online payments segment and 5% of the overall payments market. In a similar article from The Paypers “2014 Cross Border e-Commerce Country Report”, Payonline ranks as a top payment service provider in Russia. The company is also certified and accredited by Visa and MasterCard.
Net Element’s business is expected to see a boost from PayOnline direct agreements with seven acquiring banks in Europe and five banks in CIS that allow electronic transactions on behalf of foreign merchants. The acquisition will allow the company to cross-sell and build upon PayOnline’s merchant and reseller relationships.
Marat Abasaliev, PayOnline’s CEO commented, “Our market position and user base allows Net Element to accelerate growth in the region and gives our payment innovations greater global reach. We expect to contribute greatly to the success of Net Elements business plan.”
Commenting further was Konstantin Zaripov, General Director of Emerging Markets for Net Element, “Our vision in CIS is to become a leader in transactional services, which includes all technological aspects of the payments ecosystem including all value-added offerings. TOT Money is already recognized as a leader in mobile payments and commerce. By acquiring PayOnline we are creating synergy between PayOnline, TOT Money and Unified Payments businesses to create a customer solution that covers all methods of online and mobile payments in Russia. Moving forward we plan to build on this synergy and pursue other additions to complete the ecosystem.”
NETE is a global payments-as-a-service technology company whose integrated mobile and transactional services platform is credited for serving millions of clients in growing markets. Wholly owned subsidiary, TOT Group operates Unified Payments and Aptito, a cloud-based point of sale payments platform and TOT Money, a leading mobile payments provider, which serves a growing share of the mobile payments market in Russia and ranked as a Top 3 mobile payments provider by Beeline, the country’s number two telecom operator.
For more information on the company, visit www.netelement.com
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