Google will acquire mobile wallet technology from Softcard
The tap-and-pay mobile payments market in the U.S. is getting a little less confusing.On Monday, Google said it had reached a deal with three of the country’s major cellular carriers to acquire “technology and capabilities” from Softcard, a competing mobile wallet app developed jointly by the carriers. But the deal appears to be less about technology and more about branding.The biggest immediate change is that Verizon, AT&T and T-Mobile will begin preinstalling Google Wallet on new Android smartphones later this year—something that had been blocked before in preference for the Softcard app.At their heart, both apps are based on the same contactless payment technology as Apple Pay and a new generation of payment cards from banks and credit unions. They use NFC (near-field communication) to complete a transaction once a payment card or phone is brought within a few centimeters of a terminal.To read this article in full or to leave a comment, please click here




