Before the opening bell, Net Element, Inc. (NASDAQ: NETE), through wholly-owned subsidiary PayOnline, announced the execution of an agreement with ExLine, a leader in the courier services market of Kazakhstan, that will enable online payment acceptance for more than 50,000 of ExLine’s customers. Moving forward, ExLine customers will have access to a customized payment solution powered by PayOnline that includes around-the-clock customer support and compatibility for a range of currencies, including Kazakhstani tenge, Russian rubles, U.S. dollars and euros. In an effort to expedite the process of online payment acceptance, PayOnline’s customized solution also generates an invoice number that can be viewed and recorded directly on the secure payment page.
“For us, the implementation of payment acceptance on the company website is a significant step forward,” Gabit Abaildaev, chief financial officer of ExLine, stated in this morning’s news release. “Despite the fact that PayOnline only recently entered the e-commerce market in Kazakhstan, we have no doubt that our relationship with them will be mutually beneficial.”
The ExLine announcement comes just over a month after news of the opening of PayOnline’s new local office in Kazakhstan. As the largest country in the Central Asian region, Kazakhstan represents a tremendous opportunity for Net Element as the country’s electronic commerce market matures. In 2015, the volume of electronic commerce transactions processed in Kazakhstan exceeded $11 billion, and it is expected to grow exponentially in 2016 and the coming years. Currently, electronic commerce only accounts for about one percent of total commerce in the landlocked country, representing a sizable opportunity for future growth in the region.
“The electronic commerce market of Kazakhstan today reminds me of the Russian e-commerce market in the mid-2000’s, when PayOnline began its work in Russia,” Marat Abasaliev, chief executive officer of PayOnline, stated in a news release. “We are pleased that we are able to use the experience we gained in the Russian and other markets to capture a significant share in this emerging market.”
Net Element’s rapid international expansion has resulted in a notable increase in transaction processing volume. Last month, the company announced its transaction processing volumes for the first seven months of 2016. Transactions processed during the period totaled 99 million, which marked a year-over-year increase of 32 percent. Discounting the effects of foreign currency exchange, total dollars processed during the first seven months of 2016 were up 77 percent from the previous year to $1.03 billion. This growth included an 89 percent increase in total transaction dollars processed in emerging markets alongside a 66 percent rise in the same category for North American markets.
For more information, visit www.NetElement.com
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