LAS VEGAS, NV - (NewMediaWire) - October 27, 2015 - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services today during Money 20/20 conference in Las Vegas, Nevada, announced the integration of mobile payments acceptance including Android Pay®, Apple Pay®, Samsung Pay®, Europay®, MasterCard and Visa ("EMV") into Aptito, its proprietary cloud-based, hospitality focused Point-of-Sale ("POS") system.
Money 20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology.
Net Element has teamed with PAX Technology, Inc. ("PAX"), one of the fastest-growing point of sale terminal providers, to provide contactless and EMV-compliant payment terminals through its Aptito cloud-based restaurant management payment system.
Aptito is a mobile Apple® iOS-based restaurant productivity and omni-channel payment processing solution that improves restaurant efficiency, lowers POS deployment costs and enhances customer experience. Aptito's cloud-based POS solution combines EMV-compliant end-to-end encryption and tokenization. Aptito provides merchants with the highest level of security available to protect against card-present data fraud. By removing card data from the transaction, the Aptito solution provides businesses with protection against POS intrusions, insider misuse and other common sources of data fraud by eliminating the opportunity for criminals to monetize card data.
Aptito utilizes the PAX S300 contactless PIN pad which is a reliable and easy to use device that accepts all types of electronic payments including Android Pay, Apple Pay, Samsung Pay, mag-stripe cards and EMV chip cards. Effective October 1, 2015, all Aptito all-in-one POS solutions ship with a combined PIN pad and card swiper.
EMV chip-based "smart cards" and terminals are considered to be safer than credit or debit cards featuring a magnetic stripe because they contain computer chips that are used to authenticate each transaction. On Oct.1, 2015, the financial liability shifted to merchants who are not EMV-compliant in cases where a smart card is used for a fraudulent transaction at a standard terminal that only accepts a magnetic stripe.
Aptito now offers the latest integrated retail payment solution for merchants who wish to offer high levels of transactional security combined with contactless, e-Signature, magnetic stripe and Chip & PIN. With state of the art levels of security design, including PCI PTS 3.x and SRED, the S300 protects and encrypts all transaction information. Featuring a large color touch screen, loudspeaker, 32- bit ARM11 processor and massive amounts of memory for exceptional multimedia performance.
"We are excited to partner with Net Element," said Andy Chau, president and CEO of PAX Technology, Inc. "The combination of the PAX products with the PAX secure semi-integration solution through Net Elements' POS system provides merchants with a payment solution that eases them into EMV and NFC seamlessly."
"These integrations provide a competitive edge to the product and should facilitate Aptito sales efforts and increase transactional revenue," commented Oleg Firer, CEO. "PAX's payment devices accommodate a wide variety of card payment options including NFC, mobile wallets, EMV, and contactless payments."
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, Russian Federation and other international 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, India and Latin America where initiatives have been recently launched. It maintains offices in Miami, FL and in Russia. Further information is available at www.netelement.com.
About PAX Technology, Inc.
PAX Technology, Inc. ("PAX") is one of the fastest growing POS terminal providers in the world. PAX has been serving the global retail marketplace for over ten years and has distribution in over eighty countries shipping over 6 million terminals worldwide in recent years. PAX offers a complete line of products and services supported by extensive R&D capabilities. In addition to a most competitive pricing model, quality assurance is the company's top priority which enables PAX to have a strong advantage in the marketplace. More information is available at http://www.paxsz.com/en/.
About Money 20/20
Money20/20 organizes the largest global events enabling payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from over 3,000 companies and 75 countries, expected at its 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money. More information is available at http://www.money2020.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 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. These forward-looking statements include, without limitation, whether the integration of mobile payments acceptance into Aptito will result in any benefits to the Company such as increased sales or revenues, whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. 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: (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 and the subsequently filed 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.