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Net Element, Inc. (NETE) Enters Kazakhstan Market through Strategic Partnership Agreements

Net Element (NASDAQ:NETE), a provider of global mobile payment technology solutions and value-added transactional services, has completed partnership agreements with Kcell JSC, and Beeline, a wholly owned subsidiary of VimpelCom, Ltd (NASDAQ:VIP).

Per the agreements, Kcell and Beeline will use Net Element’s mobile payment platform, TOT Money, to facilitate mobile payments for its subscribers; the deals also position Net Element with strong anchors in a rapidly growing marketplace.

Both Kcell and Beeline have leading positions in Kazakhstan, the world’s ninth biggest country. As the largest mobile operator in the region, Kcell has 10.76 million customers, while Beeline, ranked second, has 9.8 million customers.

Launching TOT Money in Kazakhstan expands on the recent launch of PayOnline’s online and mobile in-app payment services in partnership with Kazkommertsbank (“KAZKOM”), the largest private bank in Kazakhstan and one of the largest banks in Central Asia.

“By signing Kcell and Beeline in Kazakhstan, Net Element has solidified partnerships to provide mobile payment services for the largest mobile operators in the region. This is an important part of Net Element’s strategy to capitalize on Kazakhstan’s booming mobile marketplace and to position TOT Money as a leading mobile payments provider,” Oleg Firer, CEO of Net Element, stated in the news release.

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