LoopPay, the company that utilizes MST technology, which enables payment by phone using magnetic credit card readers, has been purchased by Samsung.
Google takes another step in the fight to gain market leadership in the mobile payment apps category.
The deal with SoftCard that was finalized late February 2015 means that although for now SoftCard can still be used by its customers, gradually the app will go dark. It can no longer be downloaded and the SoftCard site is directing visitors to download the Google Wallet app instead.
SoftCard is not going to share user data with Google, so users wanting to migrate will need to download and configure Google Wallet themselves.