Why Socket Mobile Inc [SCKT] Could Break $4 Resistance and Test New Highs

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Socket Mobile Inc [NASDAQ:SCKT] is in a breakout and rallied by over 20% in yesterday’s session. This follows the company’s announcement that its SocketScan S550 Contactless Membership Card Reader had passed the Apple Pay Value Added Service certification procedure. Essentially this means that the S550 is now fully compliant with Apple’s VAS protocol and could select and retrieve passes from the wallet on the Apple Watch and the iPhone. 

The mobile pass is simply a virtue card in an Apple wallet. They are used for membership payments, loyalty payments, check-ins, coupon offers among many other payments. The passes can be activated by tapping an Apple Watch or iPhone on the S500 reader, in a process that mirrors the process of paying with Apple Pay. Through the mobile pass, the end-user does not interact with the payment process but instead interacts with the IOS VAS for a much more fulfilling user experience.

Socket Mobile is right in the middle of this amazing user experience by offering loyalty cards and other customer-centric services. Through its system, the company’s S550 can automatically make a request for the correct mobile passes for a store, franchise, or even an event that a client is attending fast and conveniently. Besides providing an easy to use service, the S550 also comes with top-level security. It achieves security by using cryptography to come up with a mobile pass, which is then passed through secure Bluetooth to an Apple Device. 

Commenting on the latest development, the company’s CC Staff Director, Technical Product Marketing stated that the S550 gives an engaging, frictionless, and contactless experience for customers and pretty much anyone using a mobile pass. He added that the Capture SDK gave developers the tools to use the power of the Apple VAR ecosystem. He also stated that they were excited to be frontrunners in coming up with new mobile pass technologies that can enhance the customer experience. 

 The company’s SDK also helps developers come up with apps by using the S550 to come up with a united ecosystem. To make this happen, the company has the Nice2CU application, and will also be available on Github soon. 

Looking at its price action, SCKT is trading at a key resistance level between $3.5 and $4. If it breaks this price level, it could test new highs in the short-term.

About Socket Mobile Inc 

Socket Mobile Inc is a maker of data capture products for mobile. It is based in Newark, California. 

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