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Posts Tagged: "Google Wallet"

Digital wallet race heats up between Apple, Google and Samsung

The model for implementing digital wallets has largely relied upon what is known as the four-corner payment model by incorporating the use of payment cards, such as debit cards. Market research firm Research and Markets has reported that nearly three-quarters of all mobile digital wallets are funded by payment cards. By the end of 2013, 22 percent of the world’s population owned a smartphone, so it’s not inconceivable to think of a time in the future where credit and debit cards will become obviated by near-field communications (NFC) payment systems on smartphones entirely, despite the major rollout of payment cards with EMV computer chips by financial institutions. Today, we’ll take a look at the top three contenders in the mobile payment world to see what we can expect from each in the coming months.

Google acquires Softcard, setting up mobile payment showdown with Apple

Softcard’s patents and their ability to protect Google Wallet against any potential legal challenges from Apple may be a much more important aspect of the acquisition than Softcard itself, which had struggled financially and laid off workers in the weeks leading up to Google’s purchase. There are many reasons for Softcard’s woes, including a need to rebrand the company after its original name, Isis, was co-opted by the Middle Eastern terrorist organization.