Google will use TxVia’s technology to become a player in the growing prepaid card market and make Wallet more of a platform.
Amid several high-profile departures from its Google Wallet team, Google has acquired New York-based payment technology company TxVia to enhance its digital payments service.
Google VP Osama Bedier announced the acquisition in a blog post on Monday, characterizing the deal as a way to complement the capabilities of its Google Wallet payment service and to “accelerate innovation towards our full Google Wallet vision.”
Financial terms were not disclosed.
Google Wallet offers a way to store mobile payment service credentials on one’s mobile phone. The phone user can make purchases using any of those services–MasterCard PayPass, for example–through NFC technology, which enables wireless payments. Along with the capability to make payments, Google Wallet supports online offers and loyalty point programs. More >>