Atlanta 6/4/2015 8:00:00 PM
MissionIR News - Net Element (NETE) Flexes International Expansion Capabilities
MissionIR would like to highlight Net Element, Inc. (NASDAQ: NETE), a technology-driven group specializing in mobile payments and value-added transactional services that add convenience to mobile phone users’ lives and everyday commerce. The company’s innovations enable consumers to conduct commerce transactions from their mobile device, while online and offline payment capabilities allow merchants to reliably transact business anywhere and anyhow.
In the company’s news,
Net Element, leveraging its core technology innovations and operational business partners, enables consumers to conduct commerce transactions from their mobile device, while online and offline payment capabilities allow merchants to reliably transact business regardless of geographical or time restraints.
Headquartered in Miami, Net Element, through its suite of subsidiaries, maintains an international presence in selected emerging markets. The company’s TOT Group, Inc. subsidiary, a global mobile payments and transaction processing provider, is an umbrella for several companies: Unified Payments, which was recognized by Inc. Magazine as the No. 1 fastest growing private company in America in 2012; Aptito, a next-gen cloud-based point of sale (“POS”) payments platform; and TOT Money, a mobile billing solutions provider and Russia’s top-ranked SMS content provider, according to Beeline, the country’s second largest telecommunications operator.
Most recently, Net Element completed definitive documentation to acquire PayOnline, which processes online payments for more than 10 million active consumers and thousands of merchants in the Russian Federation, Europe and Asia.
This move is of incredible relevance to Net Element’s growth strategy to expand in international markets. According to the 2014 McKinsey Global Payments Map released October 2014, Russia is the world’s sixth largest payments market, accounting for $50 billion in payments with a rapidly growing online population. Card issuance is growing at 30% per year.
Upon closing of the acquisition, Net Element plans to integrate PayOnline’s leading payments platform into its existing global payments-as-a-service network to expand its transaction processing offerings. In other words, Net Element will be able to sell its mobile payment services to PayOnline’s vast network of merchants in Russia, Asia and Europe.
Also, because of direct agreements with European and Russian Federation banks, PayOnline’s merchants will be able to transact in the U.S. while Net Element’s U.S. merchants will have an ability to transact in Asia, Europe and Russia.
“PayOnline and Net Element’s assets are highly complementary and we can now leverage them to grow revenues by attracting more merchants and consumers to our omni-channel payments platform,” Net Element CEO Oleg Firer stated in a recent news release. “Well deserved congratulations to all involved in bringing this transaction to a successful signing.”
The company’s technologies are increasingly relevant to today’s business and consumer payment demands, and through its aggressive and consistent progress, Net Element is advancing on its mission to become a competitive leader in mobile payments and transactional services in emerging countries and the United States.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.