Google (NASDAQ:GOOG) is all set to add more features to its Wallet. Google Wallet is responsible for most of the transactions that Google has along with its other counterparts. According to the reports, Google is looking forward to buy Softcard, a mobile payments company which was formerly known as Isis. The news about Google buying Softcard comes in as a speculation and the rumors contain that the price may be around $100 million. Isis was initially started by AT&T, Verizon and T-Mobile in the year 2010 as a basic model to handle the payments for the wireless network providers.
In an interesting turn of event, Softcard laid off around 60 employees last month in its efforts for consolidation. According to the statement provided by Softcard, the layoffs are measures taken by the company to reduce the costs and move on with strengthening its business. The spokesperson confirmed the attempts to simplify the organizational structure all across the nation.
Google has not made any statements regarding the rumors about the search engine giant buying out Softcard. In an emailed statement, Google stated that they will not make any verbal or non-verbal gestures towards rumors that are flying around. On the other hand, the morale down at Softcard is not among the highest, which may well be due to the layoffs or the eminent situation where the company will be sold off.
Softcard is the company to create the unified front for the major carriers to deal in the market with contactless NFC mobile payments. Approximately more than 200,000 users across the United States use the service which is available for Android and Windows smartphones. Softcard application users can also activate payment cards like Chase, American Express, etc. It will be interesting to see what actually turns out for the rumors that are going around.