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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