Android Pay is now available from Google Play Store
According to a recent Tech Times report, Google’s (GOOG) mobile payment app Android Pay is now officially available for download from the Google Play Store. The app can be downloaded onto all Android devices.
Android Pay is an NFC (near field communication) technology-based payment feature. Google launched its revamped Android Pay mobile payment service at its I/O conference early this year. During this event, Google announced that it won’t charge any fees to bank issuers for mobile transactions through Android Pay.
Google is always looking to improve its mobile payments service
The main priority for Google now would be to attract more Android Pay users. Its previous mobile payment service, Google Wallet, failed because users found it difficult to use compared a credit card. At one point, Google may have been looking to acquire Softcard in order to improve its Google Wallet service. Softcard was a mobile payment company—a joint venture backed by telecommunications companies such as Verizon (VZ), AT&T (T), and T-Mobile (TMUS). We discussed this in Google may acquire Softcard to upgrade Google Wallet.
The mobile payments market has huge growth potential. According to an eMarketer report and as the chart above shows, US mobile payment transactions have more than doubled in just a year—from $1.6 billion in 2013 to $3.5 billion in 2014. This is why Google has been taking initiatives to improve its mobile payments service.
For diversified exposure to Google, you can invest in the Technology Select Sector SPDR ETF (XLK), It invests about 3.63% of its holdings in Google.