This credit facility was extended to TOT Money, Net Element’s mobile payment processing company, and is in addition to approximately USD 9.5 million (RUB 300 million) that Alfa-Bank extended to Net Element in September 2012 to support the company’s growth and operations.
TOT Money, a mobile payment platform that is set to allow transactions via SMS on phones and mobile networks in Russia, is expected to become the driver of Net Element’s mobile commerce payment processing division.
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