Google is blocking the avenues to make sure Apple doesn't have the upper hand in the mobile phone payments industry. A business that moves billions and that will be the future of online banking.
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Google announced that it reached an agreement with three telecommunications companies (Verizon, AT&T and T-Mobile) and acquired the technology company Softcard, to boost the reach of mobile payments and reinforce its strategy of promoting a digital wallet.
Google Wallet, its digital payment product, will be integrated with Android devices and as of March 15 they will be running on all three wireless networks, the company announced on its official blog.
Google is only acquiring some of the properties of Softcard, a payment company formerly known as Isis, for $ 100 million.
Launched in 2011, Google's paid offering had failed to find a mass-market foothold like Softcard has. Its failure was assigned to a weak brand and competition from Apple.
Softcard started in 2010 and relied exclusively on NFC technology, the payment system used in some retail terminals, in part due to Apple's reluctance to use it.
Apple introduced NFC technology this fall, with its own product, Apple Pay, which has had a major supporting digital marketing campaign.
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