January 19, 2015
Payment System Sale May Be in the Works
Google may be digging into its own wallet so people won’t have to use theirs.
There are rumors floating on the Internet that the search engine company is in talks to acquire mobile payment company Softcard. Softcard initially started as Isis back in 2010 when Verizon, AT&T and T-Mobile teamed up to create an online payment system.
Apparently, the payment system isn’t paying off and Google’s interested in scooping it up for less than $100 million, reports Tech Crunch. Softcard has been struggling and recently laid off roughly 60 employees.
While the initial answer to the question of why Google would be interested in purchasing the struggling company might be to compete with Apple and its iPay system there could be more to it. As reported by PC Mag, Softcard apparently holds a number of patents related to mobile payment which could be an asset to Google.
Regardless, there are already more than 200,000 U.S. retailers that accept Softcard mobile payment. That’s a hefty number and Google could likely make some cash off the alleged deal.
Is there any truth to rumours, though?
“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 rumors,” Google reportedly said in a statement.
Remember, Google already has its own mobile payment system — Google Wallet — which could either be expanded or simply absorbed into Softcard. There’s a number of possible scenarios but it remains unclear as to whether there will any type of a deal and, really, if there’s even any talks of a purchase.
W. Brice McVicar is a staff writer for SiteProNews.