Technology giant Google has acquired the technology and IP behind Softcard, a joint venture between three wireless carriers, AT&T, Verizon, and T-Mobile, to support NFC based mobile payments in the United States.
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By virtue of the acquisition, Google will work in collaboration with AT&T Mobility, T-Mobile USA and Verizon Wireless, while the three carriers will include the Google Wallet app, including the tap and pay functionality, in the Android phones (running KitKat or higher) sold by them in the US.
The partnership will facilitate people to get started with Wallet immediately, which can foster greater adoption.
The Google Wallet app will store credit or debit card information allowing consumers to pay for goods by tapping their phone against NFC enabled POS terminal at any retail store’s checkout counter.
The app will also preserve loyalty cards data and gift certificates, for users to send and receive money from one another.
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By GlobalData
