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Net Element, Inc.’s (NETE) TOT Money Hits 1 Million Recurring Subscriber Mark
Net Element is trading 13% higher after the mobile payments and value-added transactional provider announced that its OOO TOT Money (“TOT Money”) subsidiary has reached a major milestone by exceeding 1 million recurring mobile payment subscribers in January 2015.
TOT Money’s monthly processed volume for January 2015 increased by 12% over the prior month and 49% over April 2014, which was when the new TOT Money platform was launched. TOT Money has also seen a double digit, quarter-over-quarter growth in subscribers during 2014.
Net Element CEO Oleg Firer said the growth confirms TOT Money’s firm stance as a top 3 mobile payments provider in Russia where the company enjoys a 10% share of the overall market.
“These incredible January figures reflect our commitment to serving emerging markets with an expansion of innovative services that further propel Net Element as a leading payment-as-a-service provider in Russia and the CIS,” Firer stated in the news release. “We view this achievement as evidence of our continued progression and a confirmation of our solid footing in one of the world’s fastest growing regions.”
Through direct agreements and integrations with top 3 mobile operators such as Mobile TeleSystem, MegaFon and VimpelCom, Ltd., TOT Money provides mobile payment processing services for more than 390 million mobile users in Russia. Users benefit from premium SMS, WAP-click, Internet-click, in-app purchases and other direct-carrier billing integration services, enabling them to use their devices to make mobile payments by debiting their mobile operator account.
Konstantin Zaripov, general director of Net Element Russia, said the January results demonstrate Net Element’s overarching mission to saturate the mobile smartphone market.
“The results we’ve achieved are a direct result of technology and infrastructure investments made by the company in this rapidly growing mobile market,” stated Zaripov. “The strong foundation we’ve laid will allow for ongoing, rapid growth as the mobile smartphone market continues to expand in Russia and more consumers use mobile payments as a preferred means to conduct secure transactions.”
For more information visit www.netelement.com
