This transcript is automatically generated
And that was at an event in San Francisco last night and today Google announced its and -- -- mobile payment world.
Within new Google wallet application something says it will change the way you shop.
Joining us now is Paul Meeks senior Internet analyst at capstone investments thanks for being here pop.
Thanks for having me.
You know this week's square made this big announcement about a -- happen now we have Google how much is this market worth and why does everybody want a piece of that.
What's very difficult to quantify how big the market is obviously it's very large because you have a number players involved.
Point -- sale terminals.
The credit card companies financial institutions.
Wireless carriers and wireless device manufacturers that is a big.
Big pie and I think it's extremely exciting -- rules unveiling today.
-- -- clearly big because we have Google we have PayPal we have MasterCard me and he sat.
And dozens of other entrance that wanna be in this space what -- -- specifically mean.
For Google is this really going to be the next phase of Google's growth -- really Cadillac.
I think sell the stock has under performed recently.
-- when you think about it they've done a wonderful job over time essentially dominating.
The search advertising space in most geographies they have about two thirds of those markets.
Now the next thing is what they're doing on mobile.
And with the android platform being agnostic.
To the device.
Has a chance to spread and be much more prevalent then.
Apple's -- -- though I think they will do well to and this is a big catalyst if you've mentioned for Google's growth.
Yet -- one area and it's neglecting you won't play in is the Apple iPhone -- here so can any successful Moe -- a mobile payment strategy.
Really exclude apple.
Well I think you cannot exclude apple I think what will happen is.
Apple and android slash Google will be in cahoots with all of the majors and of course all of the major financial institutions continue consolidate.
And so they'll be plenty of opportunities for both and over time they may even work side by side.
You know Paul one of the things that I think makes consumers apprehensive about this is one -- just are not used to this being -- of using our cellphones -- pay different things.
But the other thing is security we seen so many instances in the public market place Sony PlayStation breach of really being the most recent in the big -- That -- -- apprehensive and scary to dabble in -- how safe is this and what is the risk.
I think over time it'll be increasingly safer.
I would liken this to win the Internet first came on the scene mid to late ninety's some people were very hesitant to do any.
Consumer transactions via the web and now at Christmas time everybody's buying on the web.
So what will happen is that may start more slowly because it is against our culture -- other countries like Japan where they're much more trusting.
However once we.
A break that cycle we also improved the technology which is inevitable this will be a very big marketplace.
All right thanks Paul Meeks some de -- -- my cellphone them pay for my hair cuts and maybe pick up a bottle line.
Doesn't seem like it's not far away from the future thanks for being here today.