Net Element, a provider of global mobile payment technology
solutions and value-added transactional services, today presented historical
financial results for PayOnline for periods prior to Net Element’s ownership of
the online payment processing company.
PayOnline processes online payments for over 10 million
active consumers and thousands of merchants in the Russian Federation, Europe
and Asia. In the first quarter of 2015, PayOnline recorded net income of
$74,474 on revenues of $1.2 million. For full-year 2014, the company recorded
net income of $428,520 on revenues of $6.7 million.
Net Element also highlighted several of PayOnline’s recent
achievements, including the July 2015 release of its Pay-Travel product; the
signing of a three-year contract with certain international dating networks to
provide a minimum processing commitment of $300 million and minimum net
revenues to PayOnline of $1.2 million; and the launch of payment processing in
Kazakhstan.
In May 2015, Net Element entered into a definitive agreement
to acquire PayOnline for up to $8.4 million to create “a unique platform for
further consolidation and positions [Net Element] to lead in the fragmented and
growing emerging market payments industry.”
Providing insight to the market potential for PayOnline, the
2014 McKinsey Global Payments Map released October 2014 pegs Russia as the
world’s sixth largest payments market, accounting for $50 billion in payments
with a rapidly growing online population. The report also states that card
issuance is growing at 30% per year.
Net Element plans to integrate PayOnline’s payments platform
into its existing global payments-as-a-service network to expand its
transaction processing offerings. Upon full integration, Net Element global
merchants will have access to a broad array of value-added services including
card2card transfer, payment split and the highest level of data security
(Validated Level 1 PCI DSS Compliance).
Net Element assumed operational and financial control of
PayOnline and its subsidiaries as of May 20, 2015, and will consolidate
PayOnline results in the second quarter from May 20, 2015, to June 30, 2015.
For more information visit www.netelement.com
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Sign up for “The Mission Report” at www.MissionIR.com
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