Softcard, the failure of a mobile payment system created by Verizon, AT&T, and T-Mobile, that tried its hardest to kill Google Wallet for years only to be acquired last month by Google in the most hilarious turn of events, is officially shutting down on March 31. According to emails being sent out to the four Softcard users in existence, the Softcard app will no longer work come March 31 and accounts will then be closed shortly after. (more…)
When Samsung acquired LoopPay in February, we assumed they would attempt to include the ground-breaking mobile payment technology into their new phones, the Galaxy S6 and Galaxy S6 Edge. Yesterday, they confirmed as much with the announcement of Samsung Pay, a mobile payment system that works with both NFC-equipped terminals and also the average-every-day-terminals you see at approximately 30 million merchants around the globe. Compare that to the “thousands” that offerings like Apple Pay and Google Wallet work with and you have the new king of mobile payment systems. (more…)
Early this morning, Google’s Sundar Pichai sat down for a keynote address at Mobile World Congress to talk about a handful of new ideas that his company is working on. From Google Translate to Project Loon delivering LTE to Project Titan’s little planes taking over the skies, he touched on a bunch of interesting topics in an opening chat. He then transitioned into a Q&A session where he acknowledged the fact that Google is looking to enter the wireless game as an MVNO, and that Android Pay is a new API that is coming soon.
I can’t find a replay of the event, but The Verge has a transcription of the talk. (more…)
It’s official. Google has acquired “some exciting technology and intellectual property” from Softcard, the carrier-owned mobile payment system that for years, was the reason Google Wallet couldn’t exist on your Android phone. Oh how the times have changed.
Thanks to this acquisition of tech, along with a new partnership through Softcard’s founders (Verizon, AT&T, and T-Mobile), Google Wallet will now come pre-installed on Android phones sold by these carriers later this year. Google didn’t specify if this meant all Android phones moving forward or not, but I would imagine that is the case. Google did note that phones will need to run KitKat or higher. (more…)
A report from the Wall Street Journal claims Google is looking to revamp Google Wallet this year, making it a true competitor to Apple Pay. In order to do so, Google will go to great lengths, even offering US carriers a portion of revenue from mobile advertising in exchange for featuring the payment method prominently on all Android devices sold. (more…)
I would be lying if I said that this surprises me, but Samsung just acquired LoopPay, a company specializing in mobile payments in a way that doesn’t require NFC or changes from retailers. The two companies were previously rumored to be working together to create a competitor to Apple Pay.
LoopPay has been on the rise as of late, thanks to its technology that is able to emulate a magnetic card swipe that happens each time you use a regular credit card at a payment terminal. The technology, at least in recent forms, starts through a case that is attached to a phone which can then be tapped to a payment terminal to finish off a transaction. The key feature of LoopPay is that it doesn’t require retailers to change out their existing hardware and works at around 90% of current pay terminals. In other words, LoopPay doesn’t need to wait for retailers around the world to swap out current hardware for NFC-equipped hardware in order to work, like Google and Apple do. (more…)
You remember Isis Mobile Wallet don’t you? That would be the mobile payment system that carriers – specifically, Verizon, AT&T, and T-Mobile – created to be the only payment system you would need on your phone. That would also be the payment system that carriers used as reason to help block, but not admit-to-blocking, while still blocking because it was “different,” Google Wallet, for years while they took their sweet time getting Isis ready. And let’s not forget that the service has already been renamed to Softcard because of the growing entity known for terrorism that the original name matched. All caught up on Softcard and Isis?
According to a late Friday report out of TechCrunch, the payment system has been a massive failure to this point and is now in talks with Google to potentially be acquired. (more…)
If the store at which you are trying to buy that stick of gum has an NFC terminal, Apple Pay and Google Wallet work well enough. But if it lacks one, or is part of a competing consortium, you will have to whip out the antiquated plastic between the lint in your pocket. But that may change if Samsung has its way. According to multiple Recode sources, the Korean electronics giant is in talks with startup LoopPay, to develop a smartphone payments method of its own. (more…)