Net Element, Inc. (NETE)

[NetworkNewsWire]

NETE Introduces Payment Acceptance Module for Telegram Instant Messenger Application

Before the opening bell, Net Element, Inc. (NASDAQ: NETE), through subsidiary PayOnline, announced the launch of a new payment acceptance module for Telegram, a popular cloud-based mobile and desktop instant messenger application. As of February 2016, Telegram boasted roughly 100 million monthly users generating about 15 billion secure and encrypted messages each day. PayOnline will look to widen the usability of Telegram through the introduction of an integrated payment acceptance module for use with the high-volume insurance industry. The company’s payments module is currently available for VTB Insurance, a leading insurance provider operating in Russia.

Leveraging this technology, VTB Insurance now accepts instant payments for monthly insurance premiums from within the Telegram messenger app. This option is particularly appealing when combined with VTB Insurance’s e-policy processing service, which is also offered to consumers within the Telegram app. With this service, tourists have the option to quickly and easily process insurance policies without the need to download any additional third-party software.

In recent weeks, Net Element has made tremendous progress toward expanding PayOnline’s reach in markets across Central Asia. Last Monday, the company announced the launch of PayOnline’s payment processing services in Azerbaijan through a contract with Flight.az, a leading online travel agency in the region. Through a supplementary agreement with AGBank, one of Azerbaijan’s leading financial institutions, PayOnline now has a growing foothold in the Southwestern Asian nation, whose e-commerce market experienced growth of more than 100 percent in 2015 alone. In total, 2016 has been filled with significant achievements for Net Element and its subsidiaries in Central Asia, including the opening of new offices in Kazakhstan and Yekaterinburg, Russia, as well as the formation of strategic partnerships with some of the region’s leading banks.

These efforts position Net Element to build on the recent success of its North America Transactions segment on the global stage. Driven by the steady performance of its North American operations, Net Element recorded a 55 percent year-over-year increase in total revenues through the first nine months of 2016 while bolstering its balance sheet through its entry into a $10 million stock purchase agreement with ESOUSA Holdings, LLC. As a result, the company was classified as “an intriguing high risk / high reward growth company in the financial technology space” by leading independent equity research firm SeeThruEquity (http://nnw.fm/ORsp5).

For more information, visit www.NetElement.com