PayPal Android: Hot Trends

PayPal Android, Unemployment Rate, Home Loans and Android are the trending topics on Google and Yahoo.
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NEW YORK (

TheStreet

) -- "PayPal Android" is trending on the Internet today following news that the PayPal application for the Android phone has been updated with "bump" technology.

The app now allows users to tap two phones together, or "bump," to transfer cash.

PayPal 2.0 also has a "split the check" feature which automatically calculates the cost of a bill and then lets the user get the money from friends when out to dinner.

"We hope these new features make it even easier to get paid back on the spot the next time you're stuck picking up the tab," said Laura Chambers, senior director of PayPal Mobile.

In the past 6 months, PayPal, a subsidiary of

eBay

(EBAY) - Get Report

, has generated almost twice the mobile payment volume it did in 2009, and expects to generate more than $500 million in mobile payment volume in 2010.

"Home loans" is a popular search topic on the Internet after the weekly survey conducted by

Freddie Mac

(FMCC)

reported the average 30-year-fixed mortgage rate

dropped to 4.49%

from 4.54% last week and the 15-year-fixed mortgage rate came in at 3.95%, down from 4% a week ago.

For the sixth time in seven weeks, the rates have hit

historic lows

, giving homeowners the opportunity to refinance or potential owners to purchase a house. A recent report out of The Mortgage Bankers Association showed that the number of applications for home loans was up 1.3% on Wednesday from a week earlier.

"More recently, housing investment picked up in the second quarter of this year as the homebuyer tax credit spurred new and existing sales and low mortgage rates encouraged remodeling," said Frank Nothaft, vice president and chief economist at Freddie Mac.

"Unemployment rate" is a trending topic on the Internet today following President Obama's comments that the latest private sector job creation figures are a "good sign," but that growth still needs to come faster for unemployed Americans.

The

U.S. Bureau of Labor Statistics

reported the total nonfarm payroll employment dropped by 131,000 in July, while the unemployment rate remained at 9.5%.

Private-sector payroll employment increased by 71,000, but, wasn't enough to offset the 143,000 census-taker jobs that were cut.

As jobs are created and the economy ultimately recovers, analysts believe that home sales will return to a sustainable healthy level.

Google

's

(GOOG) - Get Report

Android is a hot search on the Internet today following news that sales of the smartphone have skyrocketed.

>>Video: Google's Android Growth Priced In

The device was expected to be the second most-used smartphone OS in the world by 2012, but analysts say it could get there by the end of this year.

The number of daily sales has increased to 160,000 a day in June from 60,000 in February.

The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.

-- Reported by Theresa McCabe in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks. Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.