- IPSOS Survey for ING documents cashless payment trend growing worldwide as 78% of consumers who used cash less prior say they expect to use even less cash in the future
- North American Transaction Group, digital payment processor, drives Net Element’s revenues
- Zack’s Research projects Net Element will reach $74.6 million in revenue by 2018
Net Element, Inc. (NASDAQ: NETE) stands to benefit from a near cashless society as its North American Unified Payments group processes digital payments and drives sales for the company. A 2017 IPSOS survey for ING found that 54% of 12,585 respondents surveyed do not use cash in a restaurant. Instead, they pay by non-cash methods.
Net Element is a high technology financial group which digitally processes transactions in what is becoming a cashless society. It processes payments from both mobile devices and point-of-sale terminals. Leading the company is the North American Transaction Group. A Zack’s Research Report (http://nnw.fm/B0itH) projects that the company’s revenues will reach $63 million in 2017 and $74.6 million in 2018, respectively. Net Element’s North American Transaction Group generated 78% of total Net Element sales in 2016 and jumped 40% in 1Q2017.
The fifth annual ING International Survey of Mobile Banking, published in April 2017 on ING’s website eZonomics (http://nnw.fm/xJWO2), found that 78% of those surveyed say they expect to keep using less and less cash in the future, and, good news for Net Element, only 34% of U.S. consumers say they generally carry cash. Another 38% of Americans surveyed by IPSOS would prefer to go completely cashless. A key factor in this trend is convenience, the survey said.
While 75% of U.S. consumers said they will never go completely cashless, the amount of purchases has a direct impact on whether global diners use cash or not. For instance, only 25% pay non-cash for a lunch/coffee/snack — yet, 54% go non-cash in a pricier restaurant setting.
“This year’s results tally with our mobile banking surveys in 2016, 2015 and 2014 which also found people are reducing reliance on physical cash. Increasingly they’re transacting via non-cash methods, including mobile payment apps. In fact a fraction of the population appears to have largely dispensed with cash,” the survey said. It added that many have indicated they are comfortable with new ways of paying.
The Zack’s Micro-Cap report said, “Net Element is a growth company in the payment industry that should benefit from the adoption of mobile and online payments in the US, Russia and the Middle East and ultimately globally.”
For more information, visit the company’s website at www.NetElement.com
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