Google Wallet Announces Softcard and Network Partnerships

By Tim Maytom

Google Wallet

Google was partnered with some the largest mobile phone networks in the US in a deal that will see its Google Wallet mobile payments technology pre-installed on phones, as the companies seek to combat Apple Pay’s rising star in the mobile wallet sector.

As part of the partnership with AT&T Mobility, T-Mobile USA and Verizon Wireless, Google has acquired technology and intellectual property from Softcard, the mobile payments company established by the three networks.

From later this year, the Google Wallet app will come pre-installed on all Android phones running KitKat or higher sold by the three mobile networks in the US. Contactless mobile transactions in the US totalled $3.5bn (£2.26bn) in the US last year, and is expected to increase to $27.5bn by 2016.

There has been speculation for several months that Google would be acquiring Softcard following a troubled year for the firm, and while the deal has not been worded as an acquisition, with the three carriers who formed Softcard switching to Google Wallet, it is likely that the company will slowly be absorbed into Google’s operations.

Google Wallet first launched as an NFC-based mobile payment system …read more

Source:: Mobile App News