updated 08:50 pm EDT, Mon April 2, 2012
Search giant continues Google Wallet push
Google has announced that it has moved to acquire TxVia, a company that specializes in mobile payment processing technology. In a statement, the search giant notes that the buyout will help the company "accelerate innovation towards our full Google Wallet vision," though the exact terms of the deal have yet to be publicly disclosed.
TxVia is said to have managed payments for more than 100 million accounts through partnerships with large companies. Other accomplishments are said to include pioneering the prepaid card payment model and establishing a "highly reliable" payments platform.
"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," Google added.
Google has continued to push its Google Wallet NFC payment system, though the fledgling service has faced several technical issues. Security researchers publicized a vulnerability that left accounts insecure, forcing the company to temporarily halt certain capabilities and later issue $5 credits to affected users.
"As part of Google, we look forward to expanding our partnerships with both the payments industry and a wide variety of other organizations that are pioneering a new era of commerce," TxVia CEO Anil Aggarwal said in a statement.