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.
For more information, visit
www.netelement.com
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