According to Mobile Payment Today (http://nnw.fm/38sbQ), mobile payments are expected to reach $3 trillion by 2021, up 5% from 2016. Thanks to the increased use of mobile devices, the market for mobile payments continues to expand worldwide. Although Asia Pacific, specifically China, still dominates the market, the U.S. and U.K. are not far behind. Digital research conducted by Euromonitor International shows that by 2020 both countries will emerge alongside China with more people making payments from their mobile devices. In the U.S., mobile payments are expected to grow at the fastest rate. By 2020, mobile payments are expected to increase by 26% from 2016.
People are more willing than ever to make payments from their mobile devices as they are more digitally capable. Vendor and service industries, such as clothing stores, taxi drivers, and others, are now routinely accepting this medium of payment because it is largely expected by consumers. Who are these consumers? For the most part, they are millennials.
Millennials are making a serious impact on the transition to mobile commerce. They are the ones adopting new technologies. Not only this, millennials control 30% of gross income, a number that will potentially grow to just under 50% by 2025 when counting the new generation Z. With more connected consumers than ever, it is no surprise that companies focused on mobile payments are doing their best to become top players in the industry.
Net Element, Inc. (NASDAQ: NETE) is a global technology-driven group with a specific focus on mobile payments and value-added transactional services. Net Element’s key products include a range of point of sale solutions available on both Android and iOS mobile devices. The company’s solutions enable both merchants and consumers to make and receive transactions efficiently and safely. NETE also offers reports and analytics, allowing organizations to get a better overall view of their business.
NETE has shown strong transaction volume growth from January to July of this year and has become payments partner for Dunkin’ Donuts in Russia. The company has also entered into an agreement with ExLine, enabling payment acceptance for more than 50,000 of ExLine’s customers.
For more information, visit www.NetElement.com
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