With industry researchers
predicting big growth for the mobile payments market through 2017 and beyond,
the ‘whisper number’ on the street indicates that the U.S. mobile payment
market will see $90 billion spent in 2017. This amounts to a whopping 48
percent compounded annual growth rate over the $12.8 billion that was spent
three years ago.
These reports seem to align with
other predictions such as the $110 billion in transactions anticipated by
Juniper Research across the U.S., Canada and the Western European markets. ABI
Research is predicting approximately $190 billion annual figure for 2017 for
global NFC-based mobile payments made in October 2014. NFC (near-field
communication) allows two devices placed within a few centimeters of each other
to exchange data. In order for this to work, both devices must be equipped with
an NFC chip.
Net Element (NASDAQ: NETE), a
global payments-as-a-service, technology provider with an integrated mobile and
transactional services platform, has assembled quite an impressive collection
of building blocks that appear to be enabling the company to catch this
emerging technology wave and ride it to strong growth and shareholder value.
Its wholly owned subsidiary, TOT Group, operates Unified Payments, a U.S.
focused transaction processing and value-add brand; Aptito, a cloud-based point
of sale payments platform; and TOT Money, a mobile payments service provider
previously ranked in the Top 3 mobile payments providers by Beeline, a leading
Russian telecommunications company.
Not to be overlooked as one of
the more vital building blocks needed for growth, NETE recently announced it
has entered into definitive agreements with a qualified institutional buyer and
certain institutional accredited investors for financing transactions that will
make an initial amount of $10.5 million and potential additional amounts of up
to an additional $14 million available to the company.
For more information on the
company, visit www.netelement.com
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