The process of paying for goods and services is rapidly and radically changing. Virtually unheard of a decade ago, nearly $40 billion in mobile transactions occurred during 2015. Amazingly, that total is expected to explode 20 times to over $800 billion within the next couple of years. During this same time period, the global mobile point-of-sale installed base is projected to grow from about 13 million units to over 54 million units in 2019. A typical mobile point-of-sale solution gives merchants the flexibility to accept credit card payments anywhere and at any time and allows customers to quite literally skip the checkout line and check out anywhere in the store. Paying for transactions with mobile devices has not only gained widespread acceptance; it has also provided benefits for both consumers and merchants.
In addition to faster and more secure transactions, another benefit of a mobile point-of-sale system is that it gives merchants tools to drive sales in different environments and can actually increase average customer transactions by 25% through upsells. During personalized customer checkout services, consumers are fixated with their mobile devices and find it more convenient to rely on their devices to make payments. Mobile point-of-sale transactions give merchants the ability to integrate loyalty and incentive programs into mobile payment applications, track customer trends and inventory, increase check-out speed and save money on credit card fees. Net Element (NASDAQ: NETE) is in the midst of this mobile point-of-sale revolution.
Net Element is a global mobile payments, value-add technology company that has been at the forefront of facilitating this mobile point-of-sale boom, providing speed, security, accuracy and the convenience of mobile transactions. Net Element owns and operates a global mobile payments and transactional processing provider, TOT Group. TOT Group companies include Aptito, Digital Provider, Restoactive, PayOnline, and Unified Payments, which was named the fastest-growing private company in America in 2012 by Inc. Magazine.
The company provides a broad range of electronic payment solutions that enable merchants of all sizes to quickly and securely process transactions, and the company continues to see increased acceptance and adoption of its mobile and online payments. The company processed 51.2 million bankcard transactions in North America in 2015, as well as 90 million transactions in the CIS and the Russian Federation and 19.5 million mobile transactions in emerging markets.
It’s only logical that Net Element should enjoy the same mercurial growth projections as the industry as a whole. Net Element remains focused on improvements and investments in its core technology, while it’s savvy and experienced management team is committed to capturing more than the company’s fair share of the worldwide mobile payment industry revenues, which are forecast to surpass $800 billion in 2019.
For more information, visit www.NetElement.com
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