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Net Element Expands to Kyrgyzstan; Signs Leading Electronic Commerce Company

MIAMI, FL--(Marketwired - Oct 14, 2015) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, launched its online payments processing business in Kyrgyzstan by securing a contract with, the country's largest online clothing store serving retail and wholesale customers from Kyrgyzstan, Russia, Kazakhstan, Armenia and Belarus.

"We had to choose a reliable partner for online payments on the website of our online store Payments system PayOnline provided the most favorable conditions for cooperation, worked quickly and connected payment services on our site in the shortest possible time. We look forward to a strong partnership with Net Element that provides maximum benefit to our customers," commented Oleg Prokoshev, Managing Partner of

In September 2015, the online store completed its e-commerce platform integration with PayOnline's payments gateway. This enabled to accept Visa®, Visa Electron®, MasterCard® and Maestro® cards for online commerce transactions. The new partnership is a part of PayOnline's development of the e-Commerce market for Central Asia and Eurasian Economic Union (EAEU). This effort began in June 2015 with our entrance into the Kazakhstan market through an agreement with Kazkommertsbank ("KKB"). KKB is one of the largest banks in Central Asia and this has allowed Net Element to enter into the emerging markets of Kazakhstan and now Kyrgyzstan.

"Emerging markets remain the engine of the world economy. Net Element is positioned to reach a larger emerging market share by virtue of our local presence in these markets and the high quality products we offer," commented Oleg Firer, CEO of Net Element. "To increase our market share, we are working to sign new agreements and increase our footprint in emerging markets that we understand well. PayOnline has established a payment solution which is unique for the Commonwealth of Independent States (CIS), EAEU and Central Asia regions and we continue to lead with innovative products and services in these emerging markets."

According to the State Agency of Communications of Kyrgyzstan, the number of Internet users in the country at the end of 2014 reached 4 million. For the first quarter of 2015 the total number of bank payment cards in circulation in Kyrgyzstan amounted to approximately one million which represented an increase of 35% compared to the same...