TAS Group and Net Element Enter Strategic Partnership to Develop EMV Solutions, Card Management Systems and Mobile Payment Technologies for US, Latin America and Select Global Markets
TAS Group Will License Proprietary EMV Technology to Net Element and Resell Net Element Payment and Mobile Services
NEW YORK, NY--(NewMediaWire - Apr 2, 2015) - TAS Group (Italian Stock Exchange: TAS), a global innovative solutions provider of card management systems, electronic payments and financial markets, and Net Element, Inc. (NASDAQ: NETE) ("Net Element"), a global technology provider of mobile payment and value-added transactional services, have entered into a strategic partnership to develop and promote Europay, MasterCard, and Visa ("EMV") chip-enabled solutions, card management systems, and mobile payment technologies in the US and various global markets.
TAS Group will license its proprietary technology to Net Element and promote and resell Net Element payment and mobile services to existing clients and potential partners.
The joint effort is global in scope and adaptable to the unique needs of regions in varying stages of EMV migration.
In the United States:
TAS Group and Net Element will jointly promote TAS Campus, an EMV-ready prepaid system, directly to educational institutions, creating a powerful multi-application payment solution for students and faculty with an end-to-end closed and open loop life cycle Card Management System.
Net Element will gain the ability to instantly issue EMV secure, prepaid and specialty gift cards for exclusive use by participating merchants of Net Element's Aptito all-in-one digital Point of Sale ("POS") solution.
In Latin America:
The partnership will create the Unified Duex Card, an open loop physical and virtual card that allows remittance and complete account management between the US and Latin America. It will be EMV enabled with full functionality in life cycle management and with spending control by a single cardholder for both physical and virtually issued payment cards.
In select global markets:
In Russia, CIS, Middle East, India and Africa, TAS Group and Net Element will collaborate through local presence to deliver payment, capital and financial markets management solutions to local financial institutions and processors.
"This relationship will accelerate the US introduction of enhanced EMV solutions and provide complementary expertise that will benefit customers in our rapidly evolving global payments markets," commented Andrea Bianchi, TAS Group head of international business. "Throughout the European Union, TAS Group and its local subsidiaries will jointly market and sell Net Element payment and mobile technologies integrated into TAS solutions to customers eager for such advanced payment solutions."
"The TAS platform opens new and exciting possibilities that will make payment acceptance systems more user-friendly. On college campuses for example, students can be issued a multipurpose card that does it all: payments, identification, RFID and controlled access -- with additional capabilities for mobile wallet and wearable devices," commented Oleg Firer, Net Element CEO. "The goal is to make campus living safer, payments more secure and every transaction faster."
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