MIAMI, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States of America, is pleased to announce the expansion of its TOT Group subsidiary into the Ukraine region. TOT Group will offer its client-base innovative solutions in mobile payments and transactional services to clients in the Ukraine region.
TOT Group is a multinational mobile payments and transaction processing holding company that provides a vast range of flexible online and offline payment solutions. Clients include wireless carriers, content providers and merchants. TOT Group creates and delivers innovative, end-to-end payment solutions to enable commerce around the world with focus on emerging markets. TOT Group and its subsidiaries offer innovative technologies which allow its merchants to streamline their payments resources including processing of electronic payments at the point-of-sale ("POS"), processing mobile commerce transactions, managing merchant terminals and providing information management services.
Commenting on the launch of the new enterprise, Oleg Firer, Net Element's chief executive officer said, "The expansion into Ukraine comes at an opportunistic time. The e-commerce sector of the Ukrainian economy reached $1.6 billion in 2012, which represents a 45% increase over the previous year and an almost 300% increase from over 4 years ago. The e-commerce sector is the fastest-growing segment of the Ukrainian economy."Konstantin Zaripov, CEO of TOT Group Russia and General Director of CIS and Emerging Markets added, "Our technological assets, combined with our intimate knowledge of the region makes this extension a logical next step in expanding the footprint of TOT Group's brands." Earlier this month, TOT Platform was launched in Russia in partnership with PAY.ON, the world's leading operator of multi-channel payment infrastructure systems. TOT Platform is a transaction processing platform that complies with security standards and requirements applicable to the international payments market. TOT Platform is expanding into the Ukraine as well and will be the first offering of its kind in the region and will allow Net Element's subsidiary TOT Group to offer its client-base innovative solutions in mobile payments and transactional services.