In the pre-market session, the stock of Socket Mobile, Inc. (NASDAQ: SCKT) rose almost 52 percent to $4.06, amid no reports or press releases from the Computerhardware business. So, what is the question in your mind? And why is the stock breaking barriers today? Here is the last update for curious investors to learn about Socket Mobile, Inc.
On November 18,2020, A pioneering innovator in data collection and distribution technologies for improved efficiency reported that the Google Wallet Validation process had been passed by the SocketScan S550 Contactless Membership Card Reader/Writer.
Socket Mobile is a member of the Smart Tap partner network for Google, which lists qualified Smart Tap ready terminal providers. With Google Pay Smart Tap, smartphone passes, and payment and transfer cards are held in the Google Pay wallet.
To enable a secure, contactless transaction, these passes use NFC technology. The S550 automatically selects the merchant’s mobile pass from the consumer’s Google Wallet when deployed with a merchant program built using Socket’s SDK. By pressing their phone on the S550, the user triggers the pass.
Mobile passes are virtualized innovations in the digital wallet with physical cards that are controlled by the user. Mobile passes can be labeled and made, much like paper cards, to support unique use cases. The user conducts ID authentication on their own devices, unlike physical cards, with cell passes. (which facilitates social distancing). This helps the retailer to offer experiences without having a merchant-specific app on the consumer’s devices.
The production of mobile passes through Google provides loyalty plans, membership cards, event tickets, coupons/offers, and check-in/checkout for pass forms. The tapping experience for the end-user is close to the Google Pay process.
However, instead of engaging with the payment mechanism, the end-user smartphone communicates with Google Smart Tap’s robust ecosystem framework, helping companies and enterprises provide excellent user interactions across diverse apps.