Google enters prepaid market with TxVia
Google has expanded the remit of its Wallet platform with the purchase of TxVia, a mobile payments technology company.
Google Wallet gives customers the opportunity to simultaneously redeem discounts, earn loyalty points and pay for transactions.
Currently the search engine giant’s Google Wallet facility uses NFC-enabled mobile payments, and the addition of TxVia will give access to prepaid cards, reloadable cards and gift cards alongside a host of other services.
The move is also set to increase Google’s customer base by a 100 million customers.
Commenting on the new acquisition, Osama Bedier, Vice President of Wallet and Payments at Google posted the following comments on the firm’s commerce blog:
“Today, we’re thrilled to announce that we’ve acquired payments technology company TxVia to complement our payments capabilities and accelerate innovation towards our full Google Wallet vision. TxVia is a technology pioneer that offers a fast, flexible and highly reliable payments platform—which we believe is one of the best in the world.
“Since 2008, TxVia has supported the management of more than 100 million accounts. They’ve partnered with the industry’s best known brands, and their leadership team has played an instrumental role in defining the fast-growing prepaid card segment of emerging payments. In this time, TxVia has also certified and directly connected to the major payment networks, which establishes a solid foundation for Google Wallet and our partners to drive innovation on a global scale and in a partner friendly way.”
Prepaid cards enable consumers to load a card with a set amount of money and once this balance reaches zero, purchases can’t be made until the next top up.
You can load your prepaid cards at cash machines, over the internet, via text messaging or by phoning your provider (quoting your debit card details).
A prepaid card could help you manage your finances and provide an alternative to using credit and debit cards.