Google (GOOG) Migrating Towards Verifone (PAY) Mobile Payments

In a move that will provide a consistent revenue stream for Google (NASDAQ:GOOG), it's near field communications (NFC) chips in Android phones will allow customers to make purchases on credit and debit cards at stores with Verifone (NYSE:PAY) terminals using MasterCard (NYSE:MA) and Citibank (NYSE:C).

Other competitors already with plans in place are Verizon (NYSE:VZ) and AT&T (NYSE:T), which are going to use Discover Financial Services (NYSE:DFS) in the same manner.

The Street said, "If everything goes according to plan, Google's near field communications (NFC) chips in Android phones will allow customers to make purchases on credit and debit cards at stores with Verifone(PAY) terminals.

"The move is just the latest that pits Google against its telco partners in a race to new mobile revenue streams. In Google's case however, the budding mobile payment technology may be more of an intelligence-gathering process for its advertising business."

Expectations are Apple (NASDAQ:AAPL) is also ready to enter this segment of the market as well.

Google was trading at $581.51, up $1.77, or 0.31 percent, as of 1:55 PM EDT. veriFone is trading at $55.35, gaining $2.55, or 4.83 percent. Mastercard was $252.16, rising $4.46, or 1.80 percent. Citigroup was at $4.43, up $0.03, or 0.78 percent.




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