Google reportedly wants to acquire Softcard, a joint venture between AT&T, Verizon Wireless and T-Mobile, as Google wants to step up its own mobile payment offering. None of the companies have issued public statements, and it's possible the deal would be worth less than $100 million, according to unnamed sources.
Softcard reportedly laid off upwards of 60 employees, telling them to stop working on current projects.
There is growing interest in mobile payment and wallet services, and Google wants to ensure it can compete against Apple and other competitors. "With Apple pay picking up in popularity and PayPal going solo later this year every major tech company is rethinking their mobile payments strategy," an unnamed banker told the Financial Times. "We are likely to see a lot of M&A activity in this space."