Net Element's Unified Payments Enters the $13 Billion Property Management Industry Through Its Partnership with VIP Systems

Unified Payments powers IoT payments for VIP Systems’ on-demand property management platform 

MIAMI, FL, Aug. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Net Element, Inc. (NASDAQ: ) (" or the "Company"), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that its subsidiary, , utilizing its  payments acceptance ecosystem, is entering the property management industry and continues its focus on enabling the Internet of Things (“IoT”) payments through its partnership with . 

The property management industry is estimated to grow from $13 to $25 billion by 2025 according to .  Through its partnership with VIP Systems, Net Element aims to capitalize on this fast-growing industry by powering payments for IoT devices and on-demand services. The Lifestyle App, powered by VIP Systems, is designed to create a greater sense of community for residents and enhance their living experience.  Combining the power of IoT technology, Lifestyle incorporates several aspects of the resident experience into a single, all-in-one application that simplifies and consolidates the challenge of managing multiple apps.  Lifestyle gives residents the power to control their home automation systems (lights, climate, security and entry), use of amenities, schedule deliveries and submit service requests.  Property managers can communicate in real-time with their residents, respond faster to their needs and increase on-site amenities which help attract and retain residents.  The Lifestyle application and its robust ecosystem includes a marketplace made up of local businesses and generates additional revenues for property managers from the sale of goods and services while rewarding users for their loyalty.  

“A key feature of the Lifestyle App is Marketplace,” commented Edward Genin, vice-president of VIP Systems. “With Net Element, we’ve created an experience that gives residents incentives to connect with their community and build the ‘shop local, grow together’ mentality.  This incentive-based system rewards users for purchasing goods and services from local businesses and contribute to building better communities.” 

About Net Element

Net Element, Inc. (NASDAQ: ) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and , our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on  Technology Fast 500™.  In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at .

Forward-Looking Statements

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. 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 whether VIP Systems’ Lifestyle Suite will achieve mass-market adoption, whether this product and service offering will result in a competitive advantage over the company's rivals and whether VIP Systems’  Lifestyle Suite will be a success or yield any benefits to the Company. Additional  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, 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.

Contact:

Net Element, Inc.

Tel. +1 (786) 923-0502