Under the agreement, Alfa-Bank has extended Net Element’s mobile payment processing company dubbed TOT Money a credit facility of approximately USD 9.5 million and plans to extend to TOT Money another USD 9.5 million to support the company’s next stage of growth and operations. The funding will provide TOT Money with financial resources to attract customers and build upon its mobile commerce and payment-processing platform for Russia and other emerging markets. Alfa-Bank is set to become the collector and processor of accounts receivables for TOT Money.
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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