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Net Element, Inc. (NETE) Making Moves to Grow with Expanding Mobile Payments Market
According to a survey by Accenture, over 40 percent of U.S. consumers had used their phones to pay at a merchant location as of August 2014. This represented a 17 percent increase from 2012, and experts continue to forecast huge potential for the growing market on a global scale. Net Element, Inc. (NASDAQ: NETE) is in a strong position to capitalize on this growth, as the company’s collection of subsidiaries continue to gain market share in a variety of electronic payment niches.
In addition to its current offerings, Net Element recently announced a new strategic partnership to develop and promote Europay, MasterCard and Visa (EMV) chip-enabled solutions, card management systems, and mobile payment technologies both domestically and internationally. This move caught the attention of industry analysts. In April, the company was included on Accesswire’s shortlist of the Top Mobile Payment Solutions Providers in 2015.
With the rapid expansion of the electronic payments market, Net Element has wasted no time in securing the financing needed to harbor future growth. Earlier this month, the company announced two deals which could provide up to $24.5 million in capital to drive continued gains in overall market share.
As the industry continues to post unparalleled growth statistics, the company’s outlook appears to be increasingly bright. A massive 87 percent of American adults either own or have access to a mobile phone, according to a survey by the Federal Reserve, with 71 percent using smartphones. These figures helped power the mobile ecommerce industry from $2.2 billion in revenue in 2010 to $42.8 billion in 2013, according to Custora.
Look for Net Element to continuing making its mark on the mobile payments industry, particularly through its TOT Group companies. Including Unified Payments, which was recognized by Inc. Magazine as the Fastest Growing Private Company in America in 2012, Net Element’s subsidiaries put the company in a strong strategic position to grow with the rapidly expanding market. Expect the company to leverage its recently acquired funding in order to continue expanding its service offerings in vital markets around the globe.
For more information, visit www.netelement.com
