Neteller is Dead. Long Live Neovia Financial!

Neteller made a decision that will finally put an end to the notorious story related to its brand. Today thousand of people refuse this processor only due the brand which has been involved in a dirty story and was prosecuted by the government. 

Starting from November 17 the company changes its name to Neovia Financial. The owners of the processor are sure that the change of the name will help the system to recover its former popularity that was interrupted by the government in 2007.  

Ron Martin, the CEO of the company, said that the introduction of a new brand is just an intention to rebuild the credibility of the country with merchants, customers, partners and regulators. Also he added that the brands Neteller, Netbanx and Net+ will remain and be used. 

Neteller is a unique company. After having been declared guilty in the illegal operations in the field of online gambling the company felt able to reconsider its policy and charge its specialization. In other words, Neteller broke with the online gambling and started dealing with the e-wallet operations. Later it has launched its prepaid cards Net+.

When asked about the gaming industry Ron Martin said that though the gaming was an important part of the business they have managed “to build a payment capability much beyond gaming and many products have an application outside of gaming.”

According to the reports of the company last month Netteler had the interim profits of $1.15m. Its non-gaming revenues Neteller got 18.5% of total income, and the company expects that by 2010 they will manage to get a 30% of income.  

“We are looking at a three-year game plan that we don't believe is going to be materially impacted by what's going on today," said Ron Martin.