logo
  Join        Login             Stock Quote

This Summer’s Hottest Product: Google’s High-Tech Wallet

 June 01, 2011 09:27 AM
 


I'm on the road today, so I'm turning the Wall Street Daily reins over to my trusted colleague, Justin Fritz.

Below, he hits on a topic the two of us have heavily profiled over the past several monthsmobile payment technology.

Simply put, this is a high-tech, "touch-free" way of paying for goods, using semiconductor chips embedded in mobile devices, like smartphones. The driving force behind this concept is a technology known as Near-Field Communication (NFC), which allows you to wave your smartphone by a payment reader to complete a transaction. No traditional "swipe-and-sign" credit card routine. In fact, no need for credit cards at all.

The technology is already making serious progress and we expect it to become one of the hottest tech trends over the coming years. Especially since Google (Nasdaq: GOOG) just upped the ante with a major announcement. Here's Justin, with the story…

[Related -Should You Buy The Buckle (BKE)?]

The day of reckoning is coming this summer.

No, I'm not one of those wackos, spouting an "end of the world" prophecy. I'm talking about something much more tangible – the rapid progress of mobile payment technology.

Don't believe me? I'll let the numbers do the talking…

  • Mobile payments in the United States could total $56.7 billion in 2015 – up 990% from $5.2 billion in 2009.
  • Gartner predicts that the number of people using phones for purchases will reach more than 190 million in 2012.
  • By 2014, about half of all smartphones in the United States should be equipped with NFC technology.
  • In a survey, over 60% of people between the ages of 18 and 34 said they'd feel at ease using their smartphone for point-of-sale transactions.

[Related -Google Inc (GOOG) Q4 Earnings Preview: What To Watch?]

If you've read our NFC coverage so far, you'll know about this trend. And there's one company zeroing in on the market's top spot: Google.

Google Wallet: Tap, Pay and Save in Five Easy Steps

Last week, Google finally spilled the beans on its eagerly anticipated mobile payment platform – Google Wallet.

And from what I saw during Google's press conference, the technology definitely delivers.

Basically, Google Wallet is a complete wallet replacement.

The application currently stores credit cards, gift cards and loyalty cards. But other items, like your driver's license and hotel room key, were also listed as storage possibilities.

Here's how it works:

  1. Download the Google Wallet app and sign in with your Google account.
  2. Create a PIN code.
  3. Add credit card details.

Next Page >>123
iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.