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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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 Motorsport.com 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs