- Fast-growing electronic payments business
- Non-cash payments continue to grow
- Flagship Aptito restaurant management solution
Cash may be king, but Miami, Florida-based fintech Net Element, Inc. (NASDAQ: NETE) seems set on deposing it. The innovative global technology company provides a range of non-cash payment solutions that are increasingly taking the place of cash as consumers expand their use of electronic means of payment. As global adoption of digital payments increases, the company expects its transaction processing business to continue growing at double-digit rates.
According to The Federal Reserve Payments Study 2016 (http://nnw.fm/J3eHI), non-cash payments in the U.S. in 2015, the last year for which data is available, amounted to about $178 trillion, taking the following forms and trillion-dollar amounts: debit cards ($2.56); credit cards ($3.16); checks ($26.83); ACH debits ($54.76) and ACH credits ($90.54). ACH (Automated Clearing House) transactions can be either debits, where someone authorizes a merchant, say, to withdraw funds from…
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