Technology now allows consumers to make instant purchases, even if they don’t have cash or cards on hand. Net Element (NASDAQ: NETE), a specialist in mobile payment technology, is seeing cashless transactions increase nationwide and globally. North American transactions revenue increased 54 percent from 2015 to 2016, reaching over $42 million. The growth of bankcard regional volume here doesn’t even come close to regions such as the emerging Asian market. According to the World Payments Report 2015, this sector grew 21.6 percent in Asia and 8.6 percent in South America. Still, according to a recent press release (http://nnw.fm/b3Luw), Net Element’s North American segment represented 78 percent of the company’s corporate revenue, an increase of 10 points over the previous year.
The results of a Market Intelligence and Consulting Institute study released in March (http://nnw.fm/B7jWQ) reveal that consumers used their mobile wallets most frequently at restaurants. About 76.4 percent of mobile tech users did so to pay for meals, and another 33.2 percent did so to pay for transportation services. Aptito’s iOS and Android cloud-based point-of-sale (POS) system includes a restaurant management and payment acceptance solution, offering digital menus and kiosks on the iPad. The POS system and iPhone app lets businesses interact with their customers and manage restaurants remotely. Aptito is part of TOT Group, Inc., a global mobile payments and transactional processing provider owned and operated by Net Element.
With the Aptito Retail POS, users can take full advantage of an integrated system. Available on mobile devices, it features a barcode scanner and printer, receipt printer, scales, cash drawer, self-service system, and EMV-compliant bankcard acceptance terminal. Aptito, however, isn’t the only arm that Net Element can flex. It also operates PayOnline, an electronic commerce platform that was recently introduced to Russian markets, adding Apple Pay support across the country. It had a reach of over 200,000 users as of April 2017.
Statista.com (http://nnw.fm/8GjCb) predicts that the global mobile payment market will continue growing. In 2015, the worldwide market was valued at $450 billion, and it is expected to exceed $1 trillion by 2019. Starbucks entered the mobile payments market early and was processing over nine million mobile app transactions per week by Q3 2015 in the U.S. alone (accounting for $11.4 billion in sales), but mobile payments are becoming increasingly popular whether the customer buys products from online marketplaces such as Amazon or brick and mortar stores such as Target.
Globally, the mobile payment industry is surging, but that’s not to say things are sluggish in the U.S. Unified Payments, another TOT Group asset, was rated the #1 fastest growing company in America in 2012 by Inc. Magazine. Its POS solution includes business analytics, fraud detection, and risk management. Near Field Communications technology supports Mobile EMV Card Readers, Apple Pay®, and Android Pay®, while the system also allows merchants to analyze revenue and manage their online reputations.
Net Element’s mobile POS solutions for the restaurant, retail, and other fast-growing mobile payment segments are appealing to an expanding user base. To learn more about the growth it is helping support in the U.S. and globally, review the company’s facts and services online at www.NetElement.com.
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