Veon Inc. (NASDAQ: VEON) stock declined by 3.24% at the last close whereas the VEON stock gains by 0.56% in the pre-market trading session. VEON is a global supplier of connection and digital services with NASDAQ and Euronext Amsterdam listings that serves nine states with a total of 9% of the global population. In some of the world’s fastest-growing emerging nations, VEON’s firms are redefining lifestyles via technology-driven services that enable opportunity.
What is happening?
Beeline, VEON’s operational business in Kazakhstan, has created the region’s first online payment card, which is connected with its mobile financial services.
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The Beeline Kazakhstan digital payment card, which is offered under the ‘Simply’ brand, is a mobile money service app that is connected to a client’s mobile number, an electronic wallet, and a premium digital Visa Platinum card. The card is also compatible with Apple Pay, Samsung Pay, and Garmin Pay, which are all digital wallets.
Kaan Terzioglu, CEO of VEON Group stated,
Mobile financial services are a critical strategy for VEON’s growth prospects, and it is particularly well-suited to the countries VEON serves, where financial inclusion is still low. VEON has built financial services and e-commerce firms in Pakistan due to mobile operations, and Beeline is now unveiling a similar strategy in Kazakhstan.
Evgeny Nastradin, CEO of Beeline Kazakhstan commented,
Beeline is continuing to invest in their 4G high-speed data networks, which now reach 77% of the people. Promoting digital transformation in the country is a top priority, and one in every two Beeline customers now uses our 4G services, with the figure steadily increasing. Beeline Kazakhstan is entering a new area, ushering in a new age of mobile financial services in Kazakhstan, where 40% of the population is now unbanked. Beeline is introducing a next-generation service that they believe is the first of its kind on the market and is aimed to increase access to financial services.
The news comes after VEON’s success in launching mobile financial services apps in other operational areas, including Pakistan’s JazzCash, which has over 14 million users.