3:29 pm - Sunday November 8, 2015

Google in Talks to Buy Mobile-Payments Company Softcard: Report

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Google Inc is in talks to buy mobile-payments company Softcard, technology news website TechCrunch reported on Friday, citing people familiar with the matter.

The deal could help pair Google with the largest U.S. wireless carriers to battle Apple Inc and its new Apple Pay service, TechCrunch wrote.

The deal may be valued below $100 million (roughly Rs. 616 crores), the report saidciting sources.

“People at Softcard have a limited view on what’s going on,” one source told TechCrunch. “The whole place has been in a complete depression for at least six to eight months, to the point where people weren’t coming to work, and were being told in December to take it easy through the end of the year. In general, it’s not a culture with a lot of transparency, so a lot of people are thinking the worst.”

Softcard is jointly owned by AT&T Inc, Verizon Communication Inc’s Verizon Wireless Inc and T-Mobile US Inc.

Google was not immediately available for comment outside regular U.S. business hours.

“Softcard is taking steps to reduce costs and strengthen its business. This includes simplifying the company’s organisational structure and consolidating all operations into its Dallas and New York offices, which involves layoffs across the company,” a spokesperson told TechCrunch. “We believe these efficiencies will best position Softcard in the marketplace while maintaining focus on serving our market.”

 

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