Innovation is followed by consolidation, domestic payments seem to enter this stage. Interesting to see how telco owned financial services can just shut down without taking care of the future of these customers..whereas Banks would have been sued by doing this
US telco-owned mobile payments venture Softcard has confirmed that is shutting down after selling off technology and intellectual property to Google. Earlier this week Google confirmed that it was taking on Softcard tech as part of a deal with AT&T Mobility, T-Mobile USA and Verizon Wireless that will also see Google Wallet pre-installed on handsets. Although it is encouraging customers to download the Google Wallet app, there is no way for people to automatically move their cards from one to the other. Despite its powerful owners pumping large amounts of cash into it, Softcard had a troubled short life and faced fierce competition from the likes of Apple, Google, PayPal the card firms, retail consortium MCX and a host of startups.