Why Net Element (NETE) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of mobile payment specialist Net Element  (NETE) exploded 160.11% to $4.50 in morning trading Wednesday after Apple  (AAPL) announced Apple Pay, the tech giant's own version of a mobile wallet, for its iPhone 6, iPhone 6 Plus and Apple Watch devices.

Net Element also benefited from cashless payment solutions company On Track Innovations  (OTIV) , which announced Wednesday it would bring add-on devices for Apple's iPhone 4, 4s, 5, 5s and iPad devices.

On Track Innovations said it was working with banks and mobile network operators to bring its new WAVE and NFC Insert mobile devices to the Apple products. The company said the WAVE, which plugs into the audio jack on the devices, has already received certification from major payment companies that include Visa (V)  and MasterCard  (MA) .

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"Apple's launch of the NFC-enabled iPhone 6, iPhone 6 Plus and Apple Watch yesterday provided a tremendous boost to the increasing wide-scale adoption of NFC technology," On Track Innovations said in a statement.

NETE Chart NETE data by YCharts

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