By: Jason CollazoGoogle Inc., a multinational public corporation, is on the path of dominating the high-tech market. The company has invested in online phone services, mobile payment technologies, internet search, social networking, and advertising technology. According to Canaccord Genuity, a financial research firm, Google mobile revenues should climb to $14 billion by 2015, up from $2.5 billion this year.
Google’s Android mobile operating system launched in 2008 and research corporations such as Gartner and IDC predict that Google’s market share for smartphone sales will exceed 40 percent this year. And as the smartphone trend grows, mobile applications will increase from 10.9 billion downloads annually to 76.9 billion in the next three years, according to IDC.
Responding to high consumer demands, executive chairman of Google, Eric Schmidt, envisions his company’s new Google Wallet application to give consumers everything they could possibly want in a mobile application. Schmidt hopes that the new app will allow users to select a desired good or service, locate a business that offers the best price for that good or service, and then pay for it with ‘tap and pay’ technology. Research analysts predict that this mobile app has the capability of making Google untouchable in the field of mobile technology because it functions as three apps in one.
Currently Google Wallet’s main competitor is Square, a mobile payment service createdby Twitter co-founder Jack Dorsey. This week Square secured an additional $100million, bringing the company’s valuation to an astounding $1 billion. With this major boost in capital, Square plans to accelerate the company’s growth. Though Square has experienced immense increases in revenue, the company faces a behemoth rival in Google Wallet.
Not only does Google have more capital resources to support Google Wallet, but it also has a wider customer base. Google Wallet can be used as a virtual credit card by everyday shoppers, whereas the Square device is mainly used by small business owners who want to offer payments by credit card.
Since the new app expects to include location-based technology that is characteristic of Foursquare and Facebook Places, it would not be surprising if Google takes another step forward and creates the ‘Circle,’ an even better version of the Square application.
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