Net Element (NASDAQ: NETE) Sees Health and Beauty Processing Surge in 2016

Net Element (NASDAQ: NETE) management believes that cash transactions are becoming progressively obsolete. The company is in the digital transaction business, with its North American transactions revenue growing to $42.1 million in calendar 2016, up 54% from 2015. Interestingly, for consumer transactions, where restaurants and educational services dominated in 2015, health and beauty was the fastest growing segment last year — accounting for almost 20% of that total business.

Net Element is a global financial services company focusing on processing electronic payments in an omni-channel environment. It has three segments: North American Transaction Solutions, Mobile Payment Solutions, and Online Payment Solutions. In 2016, the North American segment contributed 78% of total corporate revenue of $54.3 million, or ten points higher than in 2015. The company processed $1.6 billion in transactions in this segment in 2016, a 60% increase over its…

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