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Net Element (NETE) – Advancing the Mobile Payment to the Next Level

Net Element is a Florida based technological firm specializing in the development of mobile payment apps from the merchant end of transactions. Mobile payment apps allow customers to use an app on their smartphone to pay directly from their bank account to venders that accept mobile payments. This technology is designed to make it more convenient for consumers who don’t want to carry debit and credit cards in their wallets. It also makes it easier for businesses as mobile payments are not currently charged the surcharges required for the use of physical cards.

Net Element announced in September that they struck a deal with Apple to develop merchant end technology that would allow for Apple Pay users to make purchases at businesses that have installed Net Element’s mobile payment system offered through their subsidiary TOT Group. With the number of customers using Apple Pay and other mobile payment apps to make purchases, the demand for merchants to accept these payments continues to grow. The reality of the rise of mobile payments coupled with Net Element’s special deal with Apple is advantageous to Net Element’s place in the growing mobile payment industry.

Despite the advantages that come with mobile payments, there is some resistance from merchants regarding the new technology due to questions on resistant the payment information is against hacking. Unlike physical cards, mobile payment technology uses stored bank account information to make the payment process quicker. The main safeguard against hacking is that Apple Pay is the fingerprint system used when using an iPhone 6 or greater to make a purchase. Despite some concerns, mobile payment technology continues to be adopted by a rising number of merchants wanting to take advantage of a new way to sell their products. As a premier developer of merchant end mobile payment technology, Net Element continues to be a part of the technological boom of the 2010s.

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