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Google buys TxVia to boost Wallet

The tech titan says TxVia will complement its payments capabilities and speed up innovation toward "our full Google Wallet vision."

Google Wallet
Marguerite Reardon/CNET

Google has broken out its checkbook and signed off on a new deal to acquire payments processing provider TxVia in a bid to bolster its Wallet product, which has recently taken a PR battering.

Google Wallet represents the search giant's push into the physical payments space in a bid to replace the physical wallet with an NFC-powered Android smartphone. Google has teamed up with the payment industry's big end of town, including Citibank, Visa, and MasterCard for credit card payments. It also issues its own prepaid cards for those who prefer an alternative.

Google wrote on its Commerce blog yesterday that it had acquired TxVia to "complement our payments capabilities and accelerate innovation towards our full Google Wallet vision" while praising TxVia's achievements, which include the management of over 100 million customers and achieving certification with large global payment networks.

Read more of "Google to bolster Wallet with TxVia buy" at ZDNet Australia.