Google Eyes Mobile Payments Company Softcard

By Tim Maytom

Softcard-logo1

Google has entered into talks to acquire mobile payments company Softcard in a deal worth up to $100m (£66m) that would see Google fighting back against Apple Pay’s gains in the mobile wallet sector.

Softcard, which is currently owned by the major US mobile networks AT&T, Verizon and T-Mobile, has refused to comment on the potential merger, but according to TechCrunch, the company laid off around 60 employees earlier this month and has been consolidating its operations after facing difficulties, with rumours that is has been losing as much as $15m a month.

Softcard was created by the three networks as a way of developing an NFC mobile payment solution, and according to the company there are over 200,000 merchants in the US which accept payments using its app, including brands like Subway and McDonald’s.

The app is available on Android and Windows Phone devices, and users can activate payment cards from banks and financial services companies including Chase, Wells Fargo and American Express using the app.

By combining Softcard with its existing Google Wallet service, Google may be able to turn the company around and take advantage of its widespread adoption and ties with notable brands.

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Source:: Mobile App News

      

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