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Net Element (NETE) Poised for Solid Growth in Soaring Mobile Payment Market
Not long ago, the thought of using your smartphone to pay for merchandise at retail shops was considered wishful thinking. It was fun to talk about but those in conversation knew the technology needed to make it happen was not yet available.
Today, the ‘what if’ conversation, according to payments industry experts, has become an undeniable reality.
According to research firm, Forrester, mobile payments in the United States are trending from $50 billion today to $142 billion in 2019. In a recent study, Forrester spoke to a dozen payments industry companies, including Visa, PayPal and Verifone and noted that the shift to mobile commerce was growing quickly.
PayPal, Google and AT&T have tried for years to create their concept of a mobile wallet, but progress has been slow. Forrester’s research shows that the market has matured since 2010, and sees the next four to five years as the period where mobile payments break into the economy’s mainstream.
Denée Carrington, a Forrester analyst commented, “It’s not just that we have smartphones. It’s that we’re increasingly dependent or rely on or expect them to deliver more.” Further, Ms. Carrington expects that Apple Pay will accelerate much of the growth of mobile payments at brick and mortar registers.
Net Element, Inc. (NASDAQ: NETE), a global payments-as-a-service, positions itself as a technology provider with an integrated mobile and transactional services platform serving emerging market clients. The company, through its subsidiary, TOT Group, Inc., operates Unified Payments that processes cashless transactions for card-present and non-present transactions, including point-of-sale, mobile point-of-sale, EMV, Apple Pay, near field communication, service based businesses, Internet businesses and mail order/telephone order merchants. NETE also operates Aptito, a cloud based software-as-a-service restaurant management solution, which offers integrated point-of-sale, mobile point of sale and various other functionality features to drive consumer engagement through Apple iPad-based point-of-sale, kiosk, and all other cloud-connected devices.
For more information on the company, visit www.netelement.com
