Google has acquired TxVia, a company specialising in Internet payment technology, to fill any present gaps within the Google Wallet service and to "accelerate innovation" of the system.
The search engine giant presents TxVia as one of the best choices in the world for payments and "a technology pioneer that offers a fast, flexible and highly reliable payments platform". Since 2008, the company has supported more than 100 million accounts and has partnered with some of the biggest names in the industry.
Osama Bedier, Google's Vice President of Wallet Payments, acknowledges a past relation to the company, which eventually lead to this acquisition: "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."
The announcement was also posted on TxVia's page (opens in new tab), where the CEO assured clients that the company will continue to provide the same services, but under the watchful eye of Google.
The deal comes directly after the Google Wallet team endured a significant loss, with one of its co-founding engineers, Rob von Behren, leaving Google for a rival company: Square. This firm has also launched an updated Android version of its payment service, now called Pay with Square, which serves as a direct rival to PayPal.
Hopefully this will be the first step towards a completely redesigned Wallet strategy, first announced by Google two weeks ago, when the California-based firm acknowledged a rough start and declared to resolve the issue by adopting a much firmer aproach.
Source: Google Commerce Blog (opens in new tab)