Global search giant Google has been reported to have entered into negotiations to acquire mobile payments company Softcard, owned by AT&T, Verizon Wireless and T-Mobile USA, to strengthen its endeavor in the mobile payments market.
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The deal will help Google to pair with the US wireless carrier to compete with Apple and its new Apple Pay service, reported technology news website TechCrunch.
According to a Wall Street Journal report, the search company will offer at least $50m to buy the business with other news reports estimating the value of the deal to be less than $100m.
A spokesperson told TechCrunch: "Softcard is taking steps to reduce costs and strengthen its business. This includes simplifying the company’s organizational structure and consolidating all operations into its Dallas and New York offices, which involves layoffs across the company."
Both the companies have declined to comment on the deal.
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