Net Element is trading 13% higher after the mobile payments
and value-added transactional provider announced that its OOO TOT Money (“TOT
Money”) subsidiary has reached a major milestone by exceeding 1 million
recurring mobile payment subscribers in January 2015.
TOT Money’s monthly processed volume for January 2015
increased by 12% over the prior month and 49% over April 2014, which was when
the new TOT Money platform was launched.
TOT Money has also seen a double digit, quarter-over-quarter growth in
subscribers during 2014.
Net Element CEO Oleg Firer said the growth confirms TOT
Money’s firm stance as a top 3 mobile payments provider in Russia where the
company enjoys a 10% share of the overall market.
“These incredible January figures reflect our commitment to
serving emerging markets with an expansion of innovative services that further
propel Net Element as a leading payment-as-a-service provider in Russia and the
CIS,” Firer stated in the news release. “We view this achievement as evidence
of our continued progression and a confirmation of our solid footing in one of
the world’s fastest growing regions.”
Through direct agreements and integrations with top 3 mobile
operators such as Mobile TeleSystem, MegaFon and VimpelCom, Ltd., TOT Money
provides mobile payment processing services for more than 390 million mobile
users in Russia. Users benefit from premium SMS, WAP-click, Internet-click,
in-app purchases and other direct-carrier billing integration services,
enabling them to use their devices to make mobile payments by debiting their
mobile operator account.
Konstantin Zaripov, general director of Net Element Russia,
said the January results demonstrate Net Element’s overarching mission to
saturate the mobile smartphone market.
“The results we’ve achieved are a direct result of
technology and infrastructure investments made by the company in this rapidly
growing mobile market,” stated Zaripov. “The strong foundation we’ve laid will
allow for ongoing, rapid growth as the mobile smartphone market continues to
expand in Russia and more consumers use mobile payments as a preferred means to
conduct secure transactions.”
For more information visit www.netelement.com
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
