Google Inc. (NASDAQ:GOOG) has acquired a near field communications company based in Toronto called Zetawire. Zetawire focuses on accepting mobile payment transactions. While Zetawire has not established much of a company yet, but they hold a very valuable patent.
The patent covers mobile banking, advertising, credit card, mobile coupon transaction processing, and identity management. This means that consumers would be able to make purchases through smartphones instead of a credit card. Zetawire had also trademarked the name Walleto for that idea. The transaction closed this past August and it is likely that they acquired the company as part of the production of the Google Nexus S smartphone, which has NFC capabilities built-in.
[The 451 Group]