New York - Companies that deal in wireless and cash-less payments are soaring on Wednesday, notching some of their biggest moves ever in the wake of Apple announcing a mobile payment service.
So-called “e-wallet” services have struggled to catch on, but the unveiling of Apple Pay - a wireless payment system that will launch next month and allows consumers to buy items with their phones instead of credit or debit cards - could represent a new era for the sector.
Net Element more than doubled, up 155 percent to $440 (R4,813) in its biggest one-day advance ever.
It was also the biggest gainer among Nasdaq-listed names by far, and its volume of roughly 5.4 million shares put it on track for its most active day ever.
On Track Innovations also surged on the day, up 32 percent to $4.38 in its biggest one-day advance since January 2010.
The stock's volume of 20 million shares represented the most active day in its history.
The mobile payment space is still small, with On Track the only one of the three rallying stocks with a market cap above $100 million.
USA Technologies Inc rose 9.8 percent to $2.25; its volume of 2.1 million shares was already many times its 50-day average of 216,406.
On the downside, eBay fell 3 percent to $51.15 as analysts viewed Apple Pay as a threat to PayPal, its online payment service. - Reuters