Google Acquires TxVia
4/2/12
Over the last year, we’ve been hard at work developing Google Wallet, a payment service that makes it possible for people to redeem discounts, earn loyalty points and pay—all at the same time, whether they’re shopping online or at the store around the corner.
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.
Finding and purchasing products is a big part of day-to-day life. At Google, we’re working to create new ways to improve the commerce experience. We’ve worked closely with TxVia over the last year, and they’re a forward-thinking team that will help us take the next steps in realizing the future of commerce. We welcome the TxVia team to Google.
Posted by Osama Bedier, Vice President of Wallet and Payments, Google
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.
Finding and purchasing products is a big part of day-to-day life. At Google, we’re working to create new ways to improve the commerce experience. We’ve worked closely with TxVia over the last year, and they’re a forward-thinking team that will help us take the next steps in realizing the future of commerce. We welcome the TxVia team to Google.
Posted by Osama Bedier, Vice President of Wallet and Payments, Google
Good acquisition.
ReplyDeleteNow is the time to put everything together as a complete payment processing value proposition - your missing link is the bank - not the top 10 banks, but the community bank that has a solid long-term relationship with their small business portfolio, but doesn't have any product offering for merchant processing - i.e., they end up going to Chase Paymentech, Global Payments, Elavon, etc.
ReplyDeleteIntroduce a bank partner program under your Google Merchant operation (which I believe is an ISO already) and let the banks start signing up merchant accounts, give them VivoTech readers, then allow all their consumer cardholders to sign up for Google Wallet (and coincidentally, here are the local merchants that take the Google Wallet).
You still need to make the value proposition to the bank. They are the entity trusted most by the consumer, and they are the gatekeeper to the success of this product.
Back in 2011, Pymnts.com interviewed Osama in a podcast
ReplyDelete(http://pymnts.com/briefingroom/mobile-commerce/mobile-briefing-room/EXCLUSIVE-Google-s-Payments-VP-Shares-New-Insights-about-Digital-Wallet-Strategy/).
Back then I mentioned that given Osama’s feedback from their customers that they want more banks and processors connections, Google should reach out to more payment gateway providers who are already connected to all the major banks and processors, with the key being finding a provider/vendor who is independent and not tied (e.g. "in-bed") to the major banks, processors, MSPs/ISOs.
Given this news, it looks like Google is beginning to understand there are players in the payment industry who are able to help them rather than hinder them. I feel this is just the start of their acquisition of vendors in the payment industry. Good luck! And don't look too hard to find other players who are willing to help make you and your customers happy.
Very good news. In order to connect new banks to the payment gateway, who is the contact to talk with?
ReplyDeleteRegards. RL
Very good move.
ReplyDeleteOB if you are listening am happy to share an idea from forty years of online financial transaction switching and clearing. Requires primarily Google toolset to create an order of magnitude scaleability to your wallet/commerce traffic. MM