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Google buys payment-processing company TxVia to 'accelerate' Google Wallet innovation

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Google has announced the acquisition of TxVia, a payment services company whose expertise and payments platform will be used to help improve Google Wallet.

Google Wallet NFC taxi contactless payment (1020
Google Wallet NFC taxi contactless payment (1020

Google Wallet may have lost one of its founders to rival Square, but that's not stopping forward progress: Google has announced it has picked up payments technology company TxVia to help the initiative's efforts. In a blog post, Google Vice President of Wallet and Payments Osama Bedier stated that the acquisition was made to complement the existing Google Wallet product, calling TxVia's payments platform "one of the best in the world." TxVia's systems have been used to help service 100 million different accounts, with Bedier noting in particular that the company has "certified and directly connected to the major payment networks." That fact may come in handy for Google as it tries to compete with the likes of Isis, which has been quite successful in forging partnerships with payment system providers.