MIAMI, FL--(Marketwired - Apr 5, 2017) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announces that its PayOnline subsidiary has launched Apple Pay support in Russia.
According to Apple, Inc., the global number of Apple Pay users is growing at a rate of over one million per week, while transaction volumes are up 500% over the last year. Since launching in Russia on October 4, 2016, the number of Apple Pay users in the country has increased to an estimated 200,000 and continues growing.
As a fully integrated electronic commerce platform, PayOnline is at the forefront of the payments industry in the region and poised for expansion into North America. It is well positioned to capitalize on this growing trend by enabling and supporting mobile and e-commerce merchants to accept Apple Pay.
"As the shift to mobile payments continues, PayOnline delivers the necessary support and tools merchants need to make payments a seamless part of online and mobile purchases," says Marat Abasaliev, head of online solutions for PayOnline. "By delivering support to merchants that use Apple Pay, PayOnline demonstrates its ability to meet the growing demand for secure, convenient and quick transactions."
Apple Pay gives consumers an easy, secure and private way to pay in stores, within apps, and on websites using the devices they have with them every day. For merchants, accepting Apple Pay is faster and more secure than accepting traditional credit and debit cards since every transaction on the customer's iPhone or iPad requires Touch ID -- a fingerprint identity sensor -- authentication or passcode. In addition, because actual credit or debit card numbers are not disclosed, merchants accepting payments via Apple Pay are not handling sensitive payment information in their systems.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. 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 such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Further information is available at www.netelement.com.
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether the support services for Apple Pay provided by PayOnline will positively impact the Company. Additional examples of such risks and uncertainties are : (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.