Google Making Phone Payments Routine

You've probably heard that stock markets have had a hard time the last couple months here. They have. But two stocks that haven't done so bad are Visa (V) and Mastercard (MA). If the American consumer is still unsure about the future, and thus unsure about taking on further debt, why are the biggest credit card agencies in the world rising in the eyes of investors?

Today's news, which sent the stocks up again while the rest of the market was flat, was a further expansion of the Google Wallet program that we've mentioned here before. Google, like Square and Paypal before them, is working to further integrate its system with that of the established networks behind Visa, Mastercard, and Discover. Those three networks will now license virtual cards to Google smartphones, opening up a potentially huge market to phone based payments.

More businesses around Portland have begun to accept various phone payment technologies, but these transactions still count for a tiny fraction of total credit business in the country. However, businesses looking to attract particular types of customers are beginning to adopt the practice. I've seen, in particular, a few hip bars for younger audiences accepting phone payments.

We're always happy to help you find the right technology for your business. Phone payments don't make sense for many businesses, but let us know if you'd like to find out whether the investment would be worth it for yours.

DISCLAIMER: This article in no way encourages the purchase of any equity, a risky investment that can result in loss of capital. Neither Priority Payments Northwest nor Matthew Koren owns the stock of any company mentioned in this article.

Matthew Koren is the President of Priority Payments Northwest, a credit card processing and payroll service provider located in Portland, OR. He runs his company, as well as partnering with a consulting practice: Causeit, Inc. You can contact him by filling out the Contact Us page, or by calling 503-548-6312, ext 750.