Net Element International Partners With OJSC VimpelCom to Provide Payment Processing Services to the
Net Element International Partners With OJSC VimpelCom to Provide Payment Processing Services to the 56 Million Subscribers of VimpelCom in Russia
Partnership Will Focus on Driving Revenues from the Fast-Growing Russian SMS Payments and Mobile Commerce Market
MIAMI & MOSCOW--(BUSINESS WIRE)-- Net Element International (NASDAQ: NETE), a global technology and publishing company that operates in mobile commerce and payment processing, and also publishes popular entertainment portals and destinations, and OJSC VimpelCom (NYSE:VIP), a wholly owned subsidiary of VimpelCom Ltd., providing services under the "Beeline" brand, today announced their partnership to provide payment processing services to the 56 million subscribers of VimpelCom in Russia. The agreement calls for Beeline to enable Net Element International's mobile payment platform, TOT Money, to facilitate the mobile payments for Beeline subscribers.
TOT Money is expected to become a leading value-added services provider for the $1.5 billion Russian SMS payments market and the $475 million Russian mobile commerce market. The market's growth is being driven by Russia's booming mobile marketplace with more than 227 million active SIM cards.
"We are pleased by the significant gains that VimpelCom is enjoying thanks to our partnership with TOT Money and look forward to continued success with this highly innovative company. We believe that this partnership will help us to capitalize on the growth opportunities in the mobile commerce market," said Anton Kudryashov, OJSC VimpleCom's general director.
Added Dmitry Kozko, Net Element International's president: "By signing VimpelCom, Net Element has officially solidified partnerships to provide payment processing services for all the 'Big Three' mobile commerce operators in Russia. This is an important part of Net Element's strategy to capitalize on Russia's booming mobile marketplace by positioning TOT Money as a leading value-added services provider for Russia's SMS payments and mobile commerce market."
OJSC VimpelCom (NYSE:VIP) is a subsidiary of VimpelCom Ltd, one of the world's largest integrated telecommunications services operators providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Cambodia, Laos, Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and Canada. VimpelCom's operations around the globe cover territory with a total population of approximately 782 million people. VimpelCom provides services under the "Beeline", "Kyivstar", "djuice", "Wind", "Infostrada" "Mobilink", "Leo", "banglalink", "Telecel", and "Djezzy" brands. As of June 30, 2012 VimpelCom had 208 million mobile subscribers on a combined basis. VimpelCom is traded on the New York Stock Exchange under the symbol (VIP). For more information visit: http://www.vimpelcom.com
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