Net Element and VIP Systems Partner in IoT App

Net Element (NASDAQ:NETE), point of sale technology company announced that its subsidiary, Unified Payments has partnered with property management company, VIP Systems. As part of the partnership, Unified Payments will be providing its payments technology for VIP Systems Lifestyle app, which connects home IoT applications such as security, lighting and amenities.

As quoted in the press release:

The property management industry is estimated to grow from $13 to $25 billion by 2025 according to Arcognizance. 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.

Click here to read the full press release.