This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Net Element Partners With MegaFon, Russia’s Second-Largest Mobile Operator, To Provide Payment Processing Services To MegaFon’s 64 Million Subscribers

Net Element ( OTCQB: NETE), a global technology and publishing company that operates in mobile commerce and payment processing, and also publishes popular entertainment portals and destinations, and MegaFon OJSC, Russia’s second-largest mobile phone operator, today announced their partnership to provide payment processing services to MegaFon’s 64 million subscribers. The agreement calls for MegaFon to enable Net Element’s mobile payment platform, to facilitate the mobile payments for MegaFon subscribers. In the first two weeks after the September 1 start date, Net Element already processed about 35 million rubles (approximately $1.1 million) for MegaFon customers.

Net Element 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.

Net Element and MegaFon announced their payment processing partnership several months after they teamed up to launch Net Element ‘s and Komissionka mobile phone apps in the Russian marketplace. The apps were pre-loaded on smartphones under MegaFon’s brand, marketed to MegaFon’s 64 million subscribers.

“We have enjoyed great success working with Net Element, and we are very pleased to continue to expand our business relationships with Net Element and announce our partnership for payment processing, which is the largest mobile-related contract in MegaFon’s history,” said Oleg Butenko, MegaLabs CEO.

Added Dmitry Kozko, Net Element’s executive vice president: “Net Element is proud of our success in the Russian marketplace where large-scale distribution reach is critical, and we are excited to expand our partnership with MegaLabs, which more strategically positions our company in one of the world’s most rapidly growing economies. Our partnership with MegaFon and key relationships with the ‘Big Three’ mobile operators will help Net Element become the leader in Russia’s mobile commerce boom.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs