Google is looking to take on Apple Pay by acquiring Softcard

Apple just recently entered into the mobile payments market and, as usual, this prompted the rest of the world’s tech giants to either enter the market or renew their focus in it. The latest such company to do so is Google, which is apparently looking to acquire Softcard, previously known as Isis but changed names for obvious reasons, for an amount that may be under $100 million. 

Apple has Apple Pay, and now it looks like Google may be fattening up its own wallet. According to people familiar with the situation, the search giant and maker of Android is interested in buying Softcard, the mobile payments company formerly known as Isis. The price may be under $100 million, according to our sources. That is either a huge bargain or a testament to Softcard’s difficulties as an enterprise: sources tell us that AT&T, Verizon and T-Mobile — the three carriers that started Isis in 2010 — have collectively invested hundreds of millions of dollars in the joint venture. Softcard earlier this month laid off about 60 employees and has been in a consolidation phase. The company would not comment on the M&A rumors or how much has been invested in the operation but provided a comment about the layoffs.

Categorized as Google

By Louie Baur

+Louie Baur is Editor at Long Beach Louie, a Long Beach Restaurant Review site as well as Skateboard Park. Find him on Twitter, Facebook, and Pinterest.

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