Google Wallet

Tech news from around the web:

Netflix CEO Rex Hastings has announced that the online movie rental company is to separate the DVD and video streaming services, CNN reports. The DVD-by-mail service will now be called Qwikster, and the streaming service will maintain the Netflix brand. Customers can still subscribe to both, but the two sites will no longer be integrated.

Google Wallet, the online company’s mobile payment and daily deals service, is set to be launched on Monday, according to TechCrunch. The service was first unveiled in May and will allow users to load credit cards onto its app and tap a mobile phone equipped with Near Field Communication to a special reader at a till to make a purchase. 

Tim Bradshaw

Eric Schmidt, Google’s executive chairman, believes that a third of check-out terminals in retail stores and restaurants will be upgraded to allow wireless “tap and pay” from mobile phones within the next year.

Such a development will prepare the ground for what he believes will be a “trillion dollar” industry of mobile advertising and payments. 

Richard Waters

It’s easy to see why Google and its rivals would have their eyes set on mobile payments, but less easy to see how they can break into this market. With its Google Wallet announcement on Thursday, the search company has just come up with an answer.