Google looks to tap Apple Pay's market with reported Softcard buyout
Google is in talks to acquire near field communication (NFC) mobile payment firm Softcard in a move which could see it take on Apple’s market-dominating Apple Pay.
The tech giant is in talks with mobile payment company Softcard, a joint venture between telecom firms Verizon, AT&T and T-Mobile USA, for a potential buyout worth around $50m, according to the Wall Street Journal. Tech Crunch reports a sum lower than $100m.
Google launched its ‘tap to pay’ mobile wallet (called ‘Wallet’) in September 2011 which failed to gain market traction due to a shortage of NFC capable devices and limited uptake from banks and retailers.
However, an acquisition of Softcard which was formerly known as Isis – an early rival of Google Wallet – shows a reignited interest in NFC payments from the tech giant.
On a potential Softcard acquisition, a Google spokesperson told the Wall Street Journal: “We don’t have a comment, background, deep background, off the record steer, nod, wink or any other verbal or non-verbal response to these sorts of rumours.”
The potential buyout comes after Softcard earlier in January laid off 60 employees.
Content created with:
Google is committed to helping businesses thrive in a privacy-first world. The technology giant works with thousands of businesses and agencies to help them prepare...
Find out more