Verifone (PAY) Sees Buying on Google (GOOG) Mobile Payment Project Potential
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Verifone (NYSE: PAY) shares are showing some strength today, surging throughout the morning, following reports that Google (Nasdaq: GOOG) will begin testing a new mobile payment service at stores in New York and San Francisco.
Google will utilize systems made by Verifone for the project. The devices will be installed at cash registers, and allow users to pay for purchases using their mobile device that is equipped with near-field communication technology. Payments will be made as customers tap their device on the register, allowing for the transfer of funds from the customers banking accounts, or credit card, to the store. The service may also combine one or more things together, such as gift cards and coupons, with the payment.
Verifone shares, after starting out 3% in the red today, are now up 7.7%. Volume on the shares is already ahead of the trailing three-month average.
Google will utilize systems made by Verifone for the project. The devices will be installed at cash registers, and allow users to pay for purchases using their mobile device that is equipped with near-field communication technology. Payments will be made as customers tap their device on the register, allowing for the transfer of funds from the customers banking accounts, or credit card, to the store. The service may also combine one or more things together, such as gift cards and coupons, with the payment.
Verifone shares, after starting out 3% in the red today, are now up 7.7%. Volume on the shares is already ahead of the trailing three-month average.
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