Before the opening bell, Net Element, Inc. (NASDAQ: NETE) announced that PayOnline, its wholly-owned subsidiary, has entered into an agreement with Dunkin’ Donuts (NASDAQ: DNKN) that will enable the coffee and baked goods chain to accept payments for online ordering and delivery services in Russia. Since its entry into the Russian market in 2010, Dunkin’ Donuts has experienced rapid growth. Today, DNKN operates 33 coffee houses in Moscow alone.
Earlier this year, Dunkin’ Donuts introduced online ordering and delivery services on its official site on the Russian internet in an effort to better meet the needs of individuals residing and working in this market. Through its new agreement with PayOnline, DNKN will seek to enhance this service by enabling easy and secure payment acceptance spanning a range of common payment methods, including Russian national payment cards, Visa (NYSE: V), Visa Electron, MasterCard (NYSE: MA) and Maestro.
“When choosing a payment partner, the determining factors for us were: a favorable cost factor, good image of the partner in the market, and a positive feedback from existing clients,” Stanislav Petrushin, marketing department specialist with Dunkin’ Donuts, stated in this morning’s news release. “In addition, it is critical for us to provide ease-of-use and loyalty to our clients. As a result, friendly and adaptive payment interface and around-the-clock support for payers finally persuaded us to choose Net Element’s PayOnline as our payments partner.”
Through its new partnership with Dunkin’ Donuts, Net Element is primed to build upon the recent growth recorded by its PayOnline subsidiary. Earlier this month, the company announced plans to expand PayOnline’s foothold in Central Asia, opening an office in Kazakhstan alongside its existing sales office in Yekaterinburg, Russia. Early results from these efforts have been promising. Just last week, Net Element highlighted strong growth in its transaction processing volume during the first seven months of 2016. Discounting the effects of foreign currency exchange, the company realized a 77 percent year-over-year increase in total dollars processed from January to June 2016, with online solutions leading the way with a 90 percent year-over-year spike.
This solid performance has also positioned Net Element to increase its visibility within the investor community. The company was recently named one of the fastest-growing technology companies of 2016 by the South Florida Business Journal. Earning a spot on this prestigious list, which is based on percentage growth over a two-year time frame, served as “a testament to the hard work and dedication of the entire Net Element team,” according to Oleg Firer, chief executive officer of Net Element. The company will be featured alongside other 2016 Technology Award winners in an upcoming special edition of the South Florida Business Journal.
For more information, visit www.NetElement.com
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