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September 2, 2016updated 04 Apr 2017 3:57pm

Net Element subsidiary opens office in Kazakhstan

Net Element, a provider of mobile payment technology solutions, has revealed that its subsidiary PayOnline has opened an office in Kazakhstan.

By Verdict Staff

Net Element, a provider of mobile payment technology solutions, has revealed that its subsidiary PayOnline has opened an office in Kazakhstan.

The office, located in Kazakhstan's largest city Almaty, began operations in August.

According to the company, the volume of electronic commerce market in Kazakhstan exceeded $11bn and is expected to grow exponentially during 2016.

In Kazakhstan, PayOnline will facilitate processing in the major currencies of that region such as KZT – Kazakhstani Tenge; KGZ – Kyrgyzstani Som and TJS – Tajikistani Somoni. These services and functionalities were added to the PayOnline platform in collaboration and integration with Kazkommertsbank.

PayOnline CEO Marat Abasaliev said: "The electronic commerce market of Kazakhstan today reminds me of the Russian e-commerce market in the mid-2000's, when PayOnline began its work in Russia.

"Our proven technologies, which enable our clients to reduce costs and increase profitability when deploying their businesses online will be extremely valuable in this regard. The high demand for these services has confirmed our belief in the need for our suite of products in emerging markets as we take another step to support our clients in Central Asia by opening an office in the city of Almaty, located in the heart of Kazakhstan."

In addition to the new Kazakhstan office, earlier this year, PayOnline opened a sales office in Yekaterinburg, Russia.

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