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#Business

Google in talks to bag mobile payments startup Softcard

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Recent reports suggest Google is in talks to acquire mobile payments company Softcard.

According to a report on TechCrunch, which cites people familiar with the situation, the search giant is interested in acquiring Softcard in a deal which may be valued below $100 million.

Founded in 2010, Softcard is basically an NFC payments app, same like Google Wallet and Apple Pay, which allows users to buy things with their smartphones. The startup is a joint venture between three of the largest telecommunications companies in the United States, Verizon, T-Mobile and AT&T.

Softcard hasn’t been doing very well themselves and just recently it was forced to lay off around 60 employees, amid losses of around $15 million per month.

Google’s interest in Softcard could be because of the company’s patent portfolio which the search giant might make use of to give Google Wallet a much needed boost.

The acquisition, if goes as planned, will help Google compete with rival Apple’s popular Apple Pay payments service.

Both Google and Softcard declined to comment on the possible acquisition deal.

“We don’t have a comment, background, deep background, off-the-record steer, nod, wink or any other verbal or nonverbal response to these sorts of rumors,” a Google spokesperson said.

“We do not comment on merger speculation,” said a Softcard representative.