Net Element, a technology provider in mobile payments, has signed an agreement with Kazkommertsbank (Kazkom) to offer payment processing services in Kazakhstan.
Under the deal, Net Element’s pending subsidiary PayOnline will process online transactions for merchants in the countries served by the bank including Russia, Kyrgyzstan and Tajikistan.
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The company will receive preferred partner processing rates as well as merchant referrals from Kazkom.
In addition, the deal will see Net Element provide bankcard processing, mobile payments, person-to-person payments and business-to-consumer lending in the region.
Net Element CEO Oleg Firer said: "Net Element’s facilitation of this banking relationship with its pending acquisition PayOnline is an example of how we intend to grow in emerging markets, where we can nimbly deliver those services best suited for a given market. We expect this agreement to accelerate our growth in the region."
Furthermore, the company has secured a contract with Kassir.com, a Kazakhstan-based online events ticketing website and online merchant serving the local market.
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