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2015 is the Year of Mobile Payments – Net Element, Inc. (NETE) is Ready to Rock
When Deloitte releases its forecasts for the technology, media and telecommunications markets, industry players take notice. Of particular value to Florida-based Net Element, a global technology group specializing in mobile payments and value-added transactional services, is the smartphone segment of the 2015 Technology, Media and Telecommunications Predictions report.
Deloitte predicts a 1000-percent increase in smartphone payments this year, which means that of the 600 million near field communications (NFC) enabled smartphones worldwide, an estimated 5% will be used to make an in-store payment at least once a month.
NFC communication enables smartphone users to make contactless payments – it’s the same technology used in the recently launched Apple Pay. These so called “digital wallets,” smartphones used as a credit or debit card, is where Net Element sees tremendous opportunity.
In September, Net Element announced its strategy to further capitalize on the massive growth and opportunities in the evolving payments market: by integrating Apple Pay into its services and offering a free NFC contactless, EMV-enabled point-of-sale-terminal to merchants that upgrade to its Unified Payments offering. This decision proved to be a wise one.
According to the Wall Street Journal, Apple Pay accounts for two out of every three dollars spend in contactless payments made using Visa, MasterCard and American Express. The success and acceptance of Apple Pay came as a surprise even to the CEO of Apple himself.
“I’m actually unbelievably shocked, positively shocked at how many merchants were able to implement Apple Pay in the middle of their holiday season,” Tim Cook said in Apple’s Q1 2015 earnings call.
As more merchants integrate Apple Pay into their systems this year, Net Element is set to benefit from digging its hooks into the technology early on. And the successful rollout of Apple Pay also supports Deloitte’s prediction that many of the billion people expected to upgrade their phones this year will get a phone equipped with NFC technology and fingerprint access. Driven by these incredible innovations, mobile payments of the future will be more secure, more convenient and more widespread than ever before. Net Element is primed and ready to capture its share of opportunities in the rapidly growing mobile payments market.
For more information, visit www.netelement.com
