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Net Element, Inc. (NASDAQ: NETE) Advances in $4.5 Trillion Mobile Payments Market with Launch of Netevia Light POS Solution

  • Worldwide mobile payment market expected to grow at a CAGR of 33.8 percent from 2017 to 2023 to a market size of $4.5 trillion
  • Net Element ranked in Deloitte’s Technology Fast 500 list as one of North America’s fastest-growing companies in 2018
  • Net revenue for Q3 2018 increased 15.7 percent to reach $17.2 million, with overall net revenue for first nine months of 2018 reaching $49.7 million

Global technology and value-added solutions group Net Element, Inc. (NASDAQ: NETE) is answering the call for hassle-free purchase of goods and services as consumers and businesses seek the security and ease of digital and cashless payments. New strategies, such as Net Element’s recent announcement to bundle Netevia Light Point-of-Sale (“POS”) mobile payments acceptance software in PAX A920 and A80 smart terminals developed by PAX Technology, are seen as a robust solution to market demands, a news release notes (http://nnw.fm/M02ul).

“Mobile payments market is growing rapidly and we are taking advantage of this trend by launching our proprietary software on multiple mobile touch points including PAX Technology smart terminal platform,” Vlad Sadovskiy, president of integrated payments for Net Element, stated in the release. “Our robust application and PAX’s powerful hardware will enable business owners to process payments with greater ease and more flexibility than ever before.”

Allied Market Research reports that the mobile payments market is anticipated to reach a market size of $4.5 trillion by 2023, growing at a compound annual growth rate of 33.8 percent from 2017 to 2023 (http://nnw.fm/bMq4j). The retail segment currently holds a dominant position in the global payment market and is expected to lead all categories by 2023, the report adds.

The combination of Netevia Light POS application and PAX Technology’s Android-based interactive smart payment terminals offers a flexible, state-of-the-art solution aimed at helping merchants conduct transactions in a seamless, convenient way that also provides a user-friendly experience to the consumer. Netevia Light POS application on Smart Terminals by PAX Technology brings all the functions and payment types of a classic point-of-sale terminal with the addition of:

  • An easy setup on an all-in-one platform;
  • A fully compliant cloud-based solution with real-time reporting;
  • Smart inventory management with tip adjustment, discounts and loyalty management;
  • Client management, invoicing and on-screen signature; and
  • A complete back office solution via Netevia HQ.

Existing PAX technology clients can download the Netevia Light POS application via the smart terminal by PAX Technology without additional hardware, while United Payments clients have effortless access to the Smart Terminals by PAX Technology, as well. As part of United Payments’ comprehensive offerings, merchants can take advantage of the Unified Payments cash discount program in addition to other innovative programs that help merchants reduce fees and expenses while increasing sales.

Net Element supports electronic payments acceptance in a multi-channel environment, including point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the U.S. and selected emerging markets. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2018 Technology Fast 500 (http://nnw.fm/Bq2Cq) and was listed among the South Florida Business Journal’s 2016 fastest-growing technology companies.

For more information, visit the company’s website at www.NetElement.com

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