Before the opening bell, Net Element, Inc. (NASDAQ: NETE), through subsidiary PayOnline, announced a new partnership with Flight.az, a subsidiary of Delta Group, Ltd that’s recognized as a leading online travel agency (OTA) in Azerbaijan. Under the terms of this contract, PayOnline integrated secure online, mobile payments acceptance functionality, as well as its proprietary ‘Avia2Split’ technology, into the OTA’s existing booking platform, giving Flight.az the tools to better serve its target market of roughly 10 million people living in Southwestern Asia.
PayOnline’s newly-announced entry into the Azerbaijani market comes on the heels of a new agreement with AGBank, one of the Transcaucasian nation’s leading financial institutions. This agreement effectively opens the door for PayOnline to process online transactions for merchants across Azerbaijan. Despite the relatively recent appearance of specialized online stores within the country in the early 2000s, Azerbaijan is currently considered an emerging market, driven by strong Internet penetration, expansive cellular penetration and stable growth of bank cards. The numbers support this claim, as the ecommerce market in Azerbaijan recorded growth of more than 100 percent in 2015, and experts forecast additional expansion in excess of 75 percent in 2016.
Fahri Mammadly, head of travel solutions for Delta Group, spoke to the opportunities presented by this market performance in this morning’s news release.
“The opportunity to buy air travel online is a new but high-demand service for consumers in Azerbaijan, and thus the e-travel market is rapidly growing,” he stated. “The well-timed launch of PayOnline payment service allows us to provide an easy-to-use, cost-effective and safe payment service at an international level. We are confident that PayOnline’s payment solutions will be essential in Azerbaijan — not only in the e-travel segment but also in the overall e-commerce market that is rapidly developing.”
Net Element’s agreement with Flight.az continues to build on what has become a recurring theme throughout 2016 – expansion in the Central Asian market. Earlier this year, the company announced that PayOnline had opened new offices in both Kazakhstan, the largest country in the region, and Kyrgyzstan. This strengthened position was highlighted when PayOnline entered a landmark agreement with ExLine, a leading provider of courier services within the Republic of Kazakhstan, to enable online payment acceptance for more than 50,000 customers. The company has recorded similar success in the Russian market, securing a deal in late September with Dunkin’ Donuts (NASDAQ: DNKN) to enable online payment acceptance for the coffee giant’s Russian locations.
For more information, visit www.NetElement.com
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