Neteller Makes Final US Authority Payment - 01-21-08

January 21 - On 16 January, Neteller made a payment of US$38.25m to the US Department of Justice. That brings to a close a tough year for the payment processor which saw them being caught up in a huge legal ramble with the US and agreeing to shut the door on their US business.

Some industry observers noted that the payment implies the "drawing of a psychological line under some of last year's events". It does raise questions as to how the payment processor will adapt.

Entering new markets is the obvious route but those pose many challenges, particularly emerging markets that bring new issues related to processing credit and debit cared transactions and often added costs. 

In the company's latest trade update, the company said that it was "pleased with the performance of the business in 2007" and "excited about the prospects for 2008."

NEteller has upgraded its customer use interface and has added a new debit card facility in the last few months.

Neteller also purchased Australian transaction service provider Centricom, further indicating its expansion plans.

In other news, Mastercard and two other providers are in the process of developing a pre-pay card product, signaling that as a strategic direction for the industry.

US players can no longer utilize NEteller, but players from elsewhere can visit our Neteller Casino section and still use their NEteller account freely.

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