Google Might Acquire Mobile-Payments Firm Softcard To Boost Google Wallet

Internet search giant Google is in exclusive negotiations with the mobile payments company Softcard, in a bid to challenge Apple Pay, according to various reports. Google might acquire the company for at least $50 million.

Softcard is jointly owned by AT&T, Verizon Wireless and T-Mobile USA. According to reports, the mobile payments company recently laid off over 60 employees recently and remaining employees of the company were told to cease operations while it seeks a buyer.

Softcard has also been approached by PayPal, but owners would be interested in dealing with Google because of its reach.

Google's mobile payment system, Google Wallet, was the pioneer in the mobile-payment system but it failed to gain traction with retail outlets, as the company could not sign up telecommunication companies to work with. Similarly, Softcard also did not lure consumers and retailers.

On the other hand, Apple Pay, launched in November has tasted early success.

Google's interest in Softcard might also be due to Softcard's patent portfolio of over 120 patents.