Google is reportedly in talks to snap up struggling mobile-payments firm Softcard, which could help boost its Wallet service.
The acquisition of Softcard, a joint venture of US telecom majors AT&T, Verizon Wireless and T-Mobile, will enable Google to compete with Apple and its payment service Apple Pay.
Previously known as Isis Mobile Wallet, Softcard rebranded itself following the emergence of the Isis terror network in the Middle East.
According to sources, the deal could value under $100m.
Google’s efforts to be a top player in the mobile payments market comes in the midst of several positive industry forecasts on the segment.
A report by Strategy Analytics predicts the global NFC mobile payments market to reach $130bn in consumer retail spend by 2020.
Despite launching its own ‘Wallet’ mobile payment service four years ago, Google failed to make much headway in the sector. Alongside Google, several other firms are facing the vision of Apple soon ruling the global mobile business.
Apple’s latest Apple Pay service enables iPhone 6 users to link their devices with credit or debit cards and then make payments for goods purchased at several retailers. The service has gained popularity among consumers and major retailers.
