Net Elements Acquires Russian Online Payment Leader

    According to Interfax, the leader of the global market for mobile payments and transaction technologies Net Element acquired PayOnline, the Russian leader among electronic payment systems and payment systems.

    PayOnline has more than 10 million active users in the CIS, Europe and Asia. The partners of the company are such banks as VTB 24, Raiffeisenbank, Bank of Moscow, Global Payments (UCS) and WireCard Bank.

    System innovations such as card2card transfers and split payments will be included in the portfolio of services that Net Element offers in the international market.

    Net Element owns the TOT Money platform, which it provides to the customers of the Big Three operators and Alfa Bank. In addition, the company collaborates with Mail.ru Group.

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    “TOT Money has already established itself as a leader in the mobile payments and commerce industry. The acquisition of PayOnline will allow us to create a synergistic interaction between PayOnline, TOT Money and Unified Payments, creating a single ecosystem that combines all methods of remote payments in Russia, ”explains Oleg Elemer, CEO of Net Element.

    According to McKinsey Global Payments Map for 2014, PayOnline covers about 30% of the global online payment market and 5% of the international market as a whole.

    In addition, thanks to the presence of direct PayOnline agreements with 7 banks in Europe and 5 in the CIS countries, Net Element will be able to work with transactions of foreign merchants.

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    “Our market position and customer base will enable Net Element to accelerate its development in the region, providing our payment innovation with international reach,” explains Marat Abasaliev, PayOnline CEO.

    “Part of this deal will be the participation of Social Discovery Ventures in Net Element's equity. The holding will become a shareholder and client of Net Element, ”the press release said. Social Discovery owns projects such as Shazam, Anastasia Date, and Plenty of Fish.

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