Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), provider of global mobile payment technology solutions and value-added transactional services launched its mobile payments offering in Azerbaijan.
This new integration allows content providers and aggregators access to all major mobile operators in the country and use Net Element's Digital Provider mobile payments platform to facilitate payments for its subscribers. In addition, the Company has secured a contract with a national television network, Dunaya ("The World") TV, to provide interactive television services such as voting and content monetization using one-click mobile billing.
The full suite of Net Element's Digital Provider services including direct-carrier billing, one click mobile payments, SMS billing and mobile commerce, are now available in the region. Digital Provider also provides its anti-fraud platform with advanced authentication technology.
Content providers and aggregators in the region are now able to increase their sales volumes by tapping into the full power of mobile commerce and provide their clients the ability to use their mobile devices as a form of payment.
With major smartphone brands such as Apple and Samsung making a big entrance into the mobile payment business, the total revenue of the worldwide mobile payments market reached US$450 billion in 2015, according to the global market research firm TrendForce. By the end of 2016, total revenue is estimated to reach US$620 billion, representing year on year growth of 37.8%.
"We are pleased with our expansion efforts into the growing market of Azerbaijan, where smartphone penetration has reached over 60% and continues to grow," commented Mikhail Shabanov, Managing Director of Digital Provider.
"We continue to expand in emerging markets with the strategic aim to be the premier leader in transactional services and mobile payments in these markets. PayOnline and Digital Provider have expanded their operations in three countries in the past six months, we continue to look for the opportunities in the emerging countries and maximize capitalization of our existing platform and infrastructure," commented Oleg Firer, CEO of Net Element.