Google Wallet acquires TxVia
Google Wallet to receive a boost
Google has announced its acquisition of payments technology company TxVia, which is set to improve and develop Google Wallet.
The Google service, Google Wallet, was initially set up to improve the commerce experience by making purchases as fast, simple and secure as possible. The mobile payment system has been designed to enable users to buy products, redeem discounts and gain loyalty points straight from their smartphone. Through the PayPass scheme, an individual can purchase items both online and in store by placing their phone over a designated reader.
Google has recently unveiled that it has purchased payments technology company TxVia to help develop its Google Wallet vision. The Google payments system is only currently available in the USA. However, the purchase of TxVia suggests that Google is looking to develop its payment system to bring in more users and make the feature available further afield. In a Google Commerce blog post Osama Bedier, vice president of Wallet and Payments at Google, said: “We’ve acquired payments technology company TxVia to complement our payments capabilities and accelerate innovation towards our full Google Wallet vision.”
Previous work with TxVia
Within the Google Commerce blog, Bedier suggested that Google has been working with TxVia over the past year to develop its Google Wallet service. As TxVia is connected to major payment networks, its acquisition may allow Google Wallet to extend into more countries and connect with the payment services TxVia is partnered with.
Adrian Mursec, senior developer at theEword, said: “As it has been rumoured that Google Wallet is set to become available in the UK in time for the London 2012 Olympics, the acquisition of TxVia could be Google’s attempt to improve the payment system for this introduction.”