Google Buys Payments Company TxVia to Boost Google Wallet
Google has acquired TxVia, a payments technology company, to complement its own payments capability, the company said Monday.
The financial terms of the acquisition were not disclosed.
Since 2008, TxVia has supported the management of over 100 million accounts, and has also certified and directly connected to the major payment networks, Osama Bedier, vice president of Wallet and Payments at Google said in a blog post.
TxVia will complement Google's payments capabilities and accelerate innovation towards its "full Google Wallet vision", Bedier said.
Google has already worked closely with TxVia over the last year.
Google Wallet, a virtual wallet for payments online and at physical stores through mobile phones, is facing competition from payment processors like PayPal and mobile carriers backing alternative mobile payment systems.
The Google Wallet mobile app is currently available for payment in-store on select mobile phones running on Sprint's network. Other carriers like AT&T Mobile, T-Mobile USA, and Verizon Wireless are currently focused on building a competing Isis mobile platform through a joint venture.
Payment processors like PayPal and Square also offer their own mobile systems. PayPal launched last month in some markets its PayPal Here service which allows vendors to process a variety of payments including checks and cards using their mobile phones. The new service which runs on the iPhone is also planned for Android phones.
The deal with TxVia will likely give Google access to customers and major payment networks.
Success in payments requires not only innovative technology and operational excellence but also broad collaboration, said TxVia chairman and CEO, Anil D. Aggarwal on the company's website. "As part of Google, we look forward to expanding our partnerships with both the payments industry and a wide variety of other organizations that are pioneering a new era of commerce," he said.