Softcard may be for sale, Google reportedly interested in buying

Softcard may be for sale, Google reportedly interested in buying
In the wake of news that Softcard, a mobile payment service established by AT&T, T-Mobile, and Verizon, was cutting its workforce and consolidating its operations, it looks as though the venture is up for sale.  Google is apparently in talks with Softcard, the former's interest driven by the patents the carrier-backed company holds.

Like Apple Pay and Google Wallet, Softcard is an NFC based mobile payment application. It was originally founded under the name ISIS in 2010 in an effort for the carriers to compete with Google Wallet, then the only mobile payment platform available.

Verizon in particular was interested in finding a way to keep Google from taking over everything, and even blocked Google Wallet from operating on the devices it sold. The carriers have invested hundreds of millions in the Softcard venture, and it is being reported that the sale price could be as low as, or below, $100 million, representing a huge loss to AT&T, T-Mobile, and Verizon.

What is not known is how much buy-in from consumers, if any, Softcard has gained since it went active over a year ago. In light of the job cuts, the well executed competition by Apple Pay, and rumors that the company is burning through $15 million per month. If the rumored sale of Softcard does not continue, it is possible that one of the carriers in the venture will buyout the whole enterprise. It also appears that Microsoft and PayPal may be interested in the company.

source: TechCrunch

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11 Comments

1. downphoenix

Posts: 3165; Member since: Jun 19, 2010

I bet Sprint is glad they didn't back this pony. I hope Google does buy them out to strengthen Wallet, it could use it to compete against Apple Pay.

6. engineer-1701d unregistered

what do you mean compete with apple pay google wallet works everywhere nfc is taken, just not rite aid and a few others blocking all nfc payments for there own nfc payment app

2. cbatista750

Posts: 11; Member since: Dec 17, 2014

I use softcard myself on verizon and its awesome. You get deals on items in different stores and it changes about every 3 months. So if google bought it and used it to replace google wallet it would be awesome. The only downside would be the need for more banks to support softcard. Only chase and wells fargo so far

3. Deadeye37

Posts: 288; Member since: Jan 25, 2011

I really liked softcard, however I never used it after they got rid of their own money card. I didn't want to open an American Express account or sign up for a credit card with Chase. I moved to Wallet where I can use my own cards. If soft card did that, then they wouldn't be having these problems!

12. Crispin_Gatieza

Posts: 3098; Member since: Jan 23, 2014

There ia a very simple workaround. I have the Serve account and my bank card is linked to the Serve. Softcard works like a dream on my WP and I don't have to add money to the Serve account since it's already linked to my primary funding source.

4. Cheezwiz

Posts: 499; Member since: Dec 29, 2014

I would guess that Microsoft is interested in buying. I don't think they have any other NFC payment on WindowsPhone.

5. Muayyad

Posts: 240; Member since: Oct 05, 2012

PayPal please! Much easier way of payments.

7. jojon

Posts: 426; Member since: Feb 11, 2014

Mmm..better MSFT. than Paypal for mine, it is Paypal that needs the competition

8. Crispin_Gatieza

Posts: 3098; Member since: Jan 23, 2014

Let Microsoft buy them out and then they can offer the service on every platform, even Apple's. They're a software company first and foremost, let consumers have choices.

11. elitewolverine

Posts: 5192; Member since: Oct 28, 2013

we know that if google bought them out they would discontinue windows support. Just look at hwo they treat software. I hope they dont, dear lord i hope they dont.

9. DaveElliott

Posts: 146; Member since: Sep 20, 2012

Microsoft > Samsung > Red Chinese conspiracy to take over the world > Boys from Enron > Google. I was being kind by not placing crack whore, pimp, and several others before Google. No need to state the obvious. Just because we like Android doesn't automatically mean we need to kiss the Google ring.

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