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Socket Mobile News: Why SCKT Stock Is Soaring 21% Today

Socket Mobile (NASDAQ:SCKT) is in the news today after announcing approval for its SocketScan S550 Contactless Membership Card Reader/Writer sent SCKT stock soaring. Why does this approval matter so much for Socket Mobile? Well, it comes from Alphabet’s (NASDAQ:GOOGL,GOOGL) Google.

Closeup of Google Pay on a smartphone.
Source: Primakov /

According to a news release from Socket Mobile, Google its SocketScan S550 has passed the Google Wallet Certification test. This means that the terminal can be used with Google Wallet to store passes for different businesses.

This means that customers no longer have to dig out loyalty cards when shopping at a store. Instead, the information can be stored in Google Wallet and easily accessed when the person is checking out with their goods.

The Socket Mobile news release notes that the SocketScan S550 works with Android, iOS, and Windows devices. It’s set to launch on Dec. 1, 2020 with an MSRP of $269 and works with most NFC cards and mobile passes.

Vince Coli, Socket Mobile’s staff director for Technical Product Marketing, said the following about the news.

“The S550 delivers an engaging, contactless, and frictionless experience for your customers and guests using mobile passes. The Capture SDK provides our developers with the tools to use the magic of the Google Wallet eco-system. We’re excited to be at the forefront of these new mobile pass capabilities and their ability to improve customer experiences.”

SCKT stock was up 21.4% as of Wednesday morning and is up 62% year-to-date.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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