Net Element's (NETE) PayOnline Enters Azerbaijan via New Agreement with Flight.az
Net Element, Inc. (Nasdaq: NETE) announced that its subsidiary, PayOnline, has entered Azerbaijan's growing e-commerce market by securing a contract with Flight.az, a leading online travel agency in the region. Flight.az is a subsidiary of Delta Group, Ltd, an accredited International Air Transport Association ("IATA") agency and a member of the American Society of Travel Agents, StreetInsider reports.
Secure online, mobile payments acceptance and PayOnline's proprietary "Avia2Split" technology was integrated into Flight.az's booking system, minimizing processing costs through PayOnline's unique Pay-Travel integration with the leading international Global Distribution System ("GDS").
A new agreement with AGBank, one of Azerbaijan's leading banks, allows PayOnline to process online transactions for merchants in this growing market in Southwestern Asia with a population of 10 million.
Azerbaijan is still considered an emerging market. Since the appearance of specialized online stores in the early 2000s, e-commerce and e-travel markets in Azerbaijan are experiencing rapid growth fueled by the combination of greater Internet penetration (70% of population are Internet users), more expansive cellular connection and stable growth of bank cards. With e-commerce market growth of more than 100% in 2015 alone, experts predict rapid growth to continue and expect to see the stable index of annual market growth rate equal to 30-35% by year 2021, with expected growth of approximately 75-80% in 2016.
Fahri Mammadly, head of Travel Solutions for Delta Group, commented, "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. As an example, Qatar Airways has experienced considerable popularity because of its online services in Azerbaijan. Today, the airline sells 35% of its tickets online and is continually seeing gains in the number of online sales. 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."
The agreement with Flight.az is one of several significant achievements for Net Element and its subsidiaries in 2016. This year has been well marked by active expansion in the Central Asian market. As previously announced, the Company also opened an office in Kazakhstan, Kyrgyzstan, and formed partnerships with leading banks in the regions.
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