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Google recently announced the addition of new and improved features to its digital wallet application. This modification is a step toward making Google Wallet available to a wider spectrum of smartphone users.
Digital wallet refers to a system wherein customers can store payment information like user ids and passwords securely. This information can be used later on for making online payments and shopping at retail outlets.

The updated version of Google’s digital wallet will require near field communication or NFC enabled smartphones, of which there aren’t many (15 Android phones). But this may not be for long, since Google would like to extend the service to non-Android phones as well. Moreover, Apple (AAPL - Analyst Report) in its latest iOS has veered away from NFC, leaving the door open for Google.

Google will now store information related to practically any credit or debit card in a secure cloud, making payments possible wherever Mastercard PayPass is accepted. Additionally, other Android phone users will now be able to send money to others at no cost and also save merchant loyalty cards details.

Recently, eBay Inc’s (EBAY - Analyst Report) Paypal also updated its payment application. eBay is the forerunner in mobile payments and its PayPal solution has supplemented online payments with offline payment solutions.

Google recorded a profit of $3.23 billion or $9.54 a share in the second quarter of 2013, up from $2.79 billion or $8.42 a share in the year-ago period. Total revenue grew to $14.11 billion, up about 19% year over year. The company has expressed its intention of increasing investment on its core products in the future.

Currently, Google Inc has a Zacks Rank #3 (Hold). Investors can also consider Yahoo Inc (YHOO - Analyst Report), which has a Zacks Rank # 2 (Buy).

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