Net Element, Inc. (NETE) Increases Presence in Vital Russian Market through Recent Acquisition
Net Element, a global technology provider in mobile payments and value-added transactional services, recently announced its acquisition of PayOnline, a leader in transaction processing services and payment technology. Through the acquisition, Net Element will gain a profitable subsidiary that provides an important growth catalyst through immediate access to over 10 million active consumers and thousands of merchants in the Russian Federation, Europe and Asia.
“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,” stated Oleg Firer, Chief Executive Officer of Net Element.
In particular, an opportunity to build on its established foothold in Russia makes this an exciting time for Net Element. The company has grabbed a significant share of the mobile payments market in the vital country in recent years through the continued expansion and adoption of its TOT Money platform. For two consecutive years, TOT Money has been ranked among the Top 3 mobile payment providers by one of Russia’s largest telecommunications operators, demonstrating the overall popularity and marketability of the company’s existing portfolio of brands.
By increasing its presence in Russia, Net Element should be in a strong position to realize significant growth moving forward. According to the 2014 McKinsey Global Payments Map, Russia represents the sixth largest payments market on the planet with approximately $50 billion in completed payments to go alongside a rapidly growing online population. With card issuance continuing to grow at 30 percent annually, the company’s potential for future growth in the region is effectively limitless.
Recently, Net Element prepared to expand its global presence by improving access to credit and reducing general and administrative expenses. In 2014, these efforts helped the company realize a 13 percent increase in net revenue, as compared to the previous year. With the global mobile payments market expected to grow by more than 65 percent by 2017, according to Statista, Net Element is in a strong position to realize significant investor returns moving forward. Look for the company to continue to increase its global market share in the years to come.
For more information, visit www.netelement.com
Please read full disclaimers at http://disclaimer.missionir.com
Net Element, a global technology provider in mobile payments and value-added transactional services, recently announced its acquisition of PayOnline, a leader in transaction processing services and payment technology. Through the acquisition, Net Element will gain a profitable subsidiary that provides an important growth catalyst through immediate access to over 10 million active consumers and thousands of merchants in the Russian Federation, Europe and Asia.
“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,” stated Oleg Firer, Chief Executive Officer of Net Element.
In particular, an opportunity to build on its established foothold in Russia makes this an exciting time for Net Element. The company has grabbed a significant share of the mobile payments market in the vital country in recent years through the continued expansion and adoption of its TOT Money platform. For two consecutive years, TOT Money has been ranked among the Top 3 mobile payment providers by one of Russia’s largest telecommunications operators, demonstrating the overall popularity and marketability of the company’s existing portfolio of brands.
By increasing its presence in Russia, Net Element should be in a strong position to realize significant growth moving forward. According to the 2014 McKinsey Global Payments Map, Russia represents the sixth largest payments market on the planet with approximately $50 billion in completed payments to go alongside a rapidly growing online population. With card issuance continuing to grow at 30 percent annually, the company’s potential for future growth in the region is effectively limitless.
Recently, Net Element prepared to expand its global presence by improving access to credit and reducing general and administrative expenses. In 2014, these efforts helped the company realize a 13 percent increase in net revenue, as compared to the previous year. With the global mobile payments market expected to grow by more than 65 percent by 2017, according to Statista, Net Element is in a strong position to realize significant investor returns moving forward. Look for the company to continue to increase its global market share in the years to come.
For more information, visit www.netelement.com
Please read full disclaimers at http://disclaimer.missionir.com
