Apple Pay Rival To Have A Competitor: Sources

Apple
If sources are to be believed, Google is mulling to buy up mobile payments company Softcard to provide a little competition to Apple Pay. Though, Apple Pay hasn’t quite been the card-busting life-changing revolution that some might’ve expected, but even so, it’s moving around nicely.

Sources further said, the search giant is in talks to acquire the mobile payments vendor formerly known as ISIS for around $100 million. It is a joint venture between AT&T, Verizon, and T-Mobile, and basically works a lot like Apple Pay, letting you use the NFC in your phone (or a case) to pay for stuff without all that hard work of getting a card out.

In fact, Softcard never really took off, and the company is in a financial tough spot, burning $500,000 per day and recently removing 60 employees. That probably accounts for the low price – $100 million is bargain basement price for a mature, functioning mobile payments system with the backing of the cellphone networks. PayPal and Microsoft are also thinking about snapping the company up, added the sources.

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