- The events industry generated over $330 billion in direct sales in 2016, with huge potential for growth in this field
- Net Element also exploring innovative technologies like blockchain for the purpose of enhancing its payment solution portfolio
- Company focusing on a partnership and an expansion on the Russian market enabling it to explore new markets that have yet to develop innovative payment solutions
Net Element, Inc. (NASDAQ: NETE), a global technology and value-added solutions group, is providing innovative payment solutions for the events industry while also expanding its presence in Russia. The aim of both initiatives is to carve a space in previously underserved niches, according to a company audio press release (http://nnw.fm/5cXxY).
The company is known for its payment-as-a-service transactional services platform targeted at small and medium-sized enterprises. It is operational in the U.S., as well as a number of select emerging markets.
As the global payments industry is thriving, companies like Net Element are offering innovative ways for payment management. Its operations are through various subsidiaries, enabling the provision of payment services in an array of industries. Unified Payments, one of the Net Element subsidiaries, has been rated among the fastest growing companies in the U.S. by Inc. Magazine. The company has developed an award-winning payment solution, tailored to the needs of small and medium-sized clients.
The Unified Payments development is specifically formulated for the needs of operators in the events industry (http://nnw.fm/t2Jb7). Through integration with point-of-sale systems and kiosks and through multi-channel payment capabilities, the system creates a comprehensive and seamless payment option. The Unified Payments solution provides added bonuses for users in the form of Fast Pass Funding (a same-day funding service) and Zero Pay (a cash payment discount program).
In 2016, the events industry generated over $330 billion in direct spending (http://nnw.fm/m1YnZ) and $845 billion in business sales. There were over 1.9 million meetings held over the course of the year, attended by more than 251 million people. The meetings sector supported more direct jobs than the entire manufacturing sector, making it an industry with tremendous potential for growth.
To increase the scope of its services, Net Element has also embraced new technologies and reached out to markets like Russia.
Recently, the company released a proprietary multi-channel payments platform called Netevia, providing a system for effortless connection between merchants and customers. Netevia unifies payments across different channels and it can effortlessly integrate with an array of platforms to streamline everyday financial transactions that businesses have to address. On June 12, Net Element announced an extension of the Netevia platform to include a smart solution aimed at enabling secure vendor payments (http://nnw.fm/4sN5j).
While these payment solutions are becoming available on existing markets, Net Element is also spreading across new parts of the world. PayOnline, a Net Element subsidiary, announced a partnership in Russia with Bank Sputnik. The company will be offering a multi-channel payment facilitator to small and medium-sized businesses. Currently, business operators in Russia do not have access to a similar solution.
The digital payments market in Russia is expected to grow at a rapid pace. According to a World Bank report (http://nnw.fm/a7Ov4), Russia is one of the countries that can benefit the most from a digital transformation. The ecommerce sector remains underdeveloped, but the potential for expansion is significant. The Russian digital payments sector was valued at $27.9 billion in 2016 (http://nnw.fm/1nISc) and is expected to reach a volume of $39.5 billion by the end of 2018.
For more information, visit the company’s website at www.NetElement.com
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