Net Element International Inc (NETE), which specializes in mobile commerce and payment processing, spiked over 160% to $4.75 in morning trading Wednesday after Apple (AAPL) announced Apple Pay, which is an Apple mobile payment solution.
Net Element also benefited from cashless payment solutions company On Track Innovations (OTIV), which announced Wednesday it is piloting its new WAVE and NFC Insert mobile add-on devices with several banks and mobile network operators as the ideal way to add NFC payment capabilities to Apple iPhone 4, 4s, 5, 5s and iPad devices.
“With the launch of Apple’s iPhone 6, the oti WAVE becomes the leading cost-effective solution for existing iPhone and iPad models that enables secure NFC payment transactions,” said oti’s CEO, Ofer Tziperman. “Apple’s adoption of NFC technology is a strong validation of our long-term vision and investment in NFC technology, as well as that of our partners and business customers.”
The company also said the WAVE, which plugs into the audio jack on the devices, has already received certification from major payment companies, including Visa (V) and MasterCard (MA).
Net Element is trading at a huge volume Wednesday with over 21 million shares changing hands. It is currently at almost 15x its average daily volume of 140,086 and trading up $2.02 at $3.70 as of 3:43 p.m. ET.