MIAMI, FL--(Marketwired - Dec 13, 2016) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announces that its subsidiary PayOnline has launched a payment acceptance module for the popular cloud-based mobile and desktop instant messenger application, "Telegram," for use within the high-volume insurance industry. This first-of-its-kind payment service for insurance premiums is made possible by PayOnline, and is now available for VTB Insurance, a leading insurance company in Russia.
The Telegram messaging app focuses on security and speed. Telegram reports that as of February 2016, it has 100 million monthly active users equating to 350,000 new users each day, and 15 billion messages daily messages that are generated over a secure and encrypted system.
Harnessing the value and convenience of this secure instant messenger payment acceptance technology, VTB Insurance billing system now allows instant payments for insurance premiums through the Telegram messenger app. With PayOnline's integration, insurance registration takes just minutes and payments are accepted directly through the Telegram instant messenger app. Simultaneously, VTB Insurance has launched a service that allows tourists to process their insurance policies via Telegram and receive e-Policies instantly.
PayOnline currently provides payment acceptance services to more than 3,000 online, multi-channel merchants and service providers in CIS, Europe and Asia. The company's goal is to establish additional monetization channels for its merchants by enabling smart payments through all channels of interaction between merchants and consumers that will add convenience and speed to everyday commerce.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Further information is available at www.netelement.com.
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether the development of the payment acceptance module on "Telegram" will positively impact the Company. Additional examples of such risks and uncertainties are: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.