Net Element, Inc. (NETE) Posts PayOnline Historica
Post# of 1058
Posted On: 08/04/2015 7:39:57 PM
Net Element, Inc. (NETE) Posts PayOnline Historical Financial Results, Recent Achievements
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
Please read full disclaimers at http://disclaimer.missionir.com
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
Please read full disclaimers at http://disclaimer.missionir.com
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