Not long ago, the thought of using your smartphone to pay
for merchandise at retail shops was considered wishful thinking. It was fun to
talk about but those in conversation knew the technology needed to make it
happen was not yet available.
Today, the ‘what if’ conversation, according to payments
industry experts, has become an undeniable reality.
According to research firm, Forrester, mobile payments in
the United States are trending from $50 billion today to $142 billion in 2019.
In a recent study, Forrester spoke to a dozen payments industry companies,
including Visa, PayPal and Verifone and noted that the shift to mobile commerce
was growing quickly.
PayPal, Google and AT&T have tried for years to create
their concept of a mobile wallet, but progress has been slow. Forrester’s
research shows that the market has matured since 2010, and sees the next four
to five years as the period where mobile payments break into the economy’s
mainstream.
Denée Carrington, a Forrester analyst commented, “It’s not
just that we have smartphones. It’s that we’re increasingly dependent or rely
on or expect them to deliver more.” Further, Ms. Carrington expects that Apple
Pay will accelerate much of the growth of mobile payments at brick and mortar
registers.
Net Element, Inc. (NASDAQ: NETE), a global
payments-as-a-service, positions itself as a technology provider with an
integrated mobile and transactional services platform serving emerging market
clients. The company, through its subsidiary, TOT Group, Inc., operates Unified
Payments that processes cashless transactions for card-present and non-present
transactions, including point-of-sale, mobile point-of-sale, EMV, Apple Pay,
near field communication, service based businesses, Internet businesses and
mail order/telephone order merchants. NETE also operates Aptito, a cloud based
software-as-a-service restaurant management solution, which offers integrated
point-of-sale, mobile point of sale and various other functionality features to
drive consumer engagement through Apple iPad-based point-of-sale, kiosk, and
all other cloud-connected devices.
For more information on the company, visit
www.netelement.com
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