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.