) recently announced the addition of new and improved features to
its digital wallet application. This modification is a step
toward making Google Wallet available to a wider spectrum of
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Digital wallet refers to a system wherein customers can store
payment information like user ids and passwords securely. This
information can be used later on for making online payments and
shopping at retail outlets.
The updated version of Google's digital wallet will require near
field communication or NFC enabled smartphones, of which there
aren't many (15 Android phones). But this may not be for long,
since Google would like to extend the service to non-Android
phones as well. Moreover,
) in its latest iOS has veered away from NFC, leaving the door
open for Google.
Google will now store information related to practically any
credit or debit card in a secure cloud, making payments possible
wherever Mastercard PayPass is accepted. Additionally, other
Android phone users will now be able to send money to others at
no cost and also save merchant loyalty cards details.
) Paypal also updated its payment application. eBay is the
forerunner in mobile payments and its PayPal solution has
supplemented online payments with offline payment solutions.
Google recorded a profit of $3.23 billion or $9.54 a share in the
second quarter of 2013, up from $2.79 billion or $8.42 a share in
the year-ago period. Total revenue grew to $14.11 billion, up
about 19% year over year. The company has expressed its intention
of increasing investment on its core products in the future.
Currently, Google Inc has a Zacks Rank #3 (Hold). Investors can
), which has a Zacks Rank # 2 (Buy).