Google has stoked the fire burning underneath the mobile payments industry by announcing its acquisition of “some exciting technology and intellectual property from Softcard to make Google Wallet better.” The payment software will come pre-installed as standard on Android phones running KitKat or higher with three of the big four carriers across the USA, AT&T, T-Mobile and Verizon.
Mobile payments provider LoopPay has secured funding from global payments firm Visa, the company has revealed, without saying how much is involved. The US company, which launched earlier this year, is pioneering a technology that capitalises on the installed based of magnetic stripe-reader point-of-sale systems rather than NFC, which is the current favourite in mobile payment circles.
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