Connectivity and internet services provider VEON Ltd (NASDAQ:VEON) has seen its stock make a steady move over the past few days and has clocked gains of as much as 6% over the course of the past week.
There has been no news regarding the company in recent days but it might be a good idea for investors to take a look at a development from back in early June. The company announced at the time that Beeline, the company that is responsible for its operations in Kazakhstan, launched the first digital payment card in the country that is also linked with the mobile financial services product from the company.
The digital payment card is being marketed as ‘Simply’ by Beeline. More importantly, it is also connected to a financial services application, an actual electronic wallet and also a digital Visa Platinum card. However, that is not all. It also offers integration with other services like Garmin Pay, Samsung Pay and Apple Pay.
Kaan Terziogly, who is the Chief Executive Officer of VEON, stated that the company has identified mobile passed financial services as a major driver of its future growth. In the past, the company launched similar mobile based services in Pakistan.
Market Reaction:
On Wednesday, VEON stock jumped 4% to $1.83 with more than 22.56 million shares, compared to its average volume of 6.07 million shares. The stock has moved within a range of $1.7300 – 1.8500 after opening the trade at $1.74. Over the past 52-week, the stock has been trading within a range of $1.2000 – 1.9000.
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