14 DAY TRIAL // Google has acquired over 40 startups this year and that's not counting transactions that haven't closed yet, like the ITA deal, or the ones that haven't been made public. One example is the acquisition of Zetawire, a small company with interests in NFC (near field communications) technologies. While the company was acquired last summer, the deal was only revealed now.
The deal was uncovered by the 451 Group research company. There are no details on the financial side of the deal, though the amount should have been small. Google has confirmed the acquisition.
The Canadian startup was early stage and didn't have a product yet. It was working on NFC technology for mobile payments and other applications.
The company had a patent application for "a payment system, an advertising system and an identity management system." It also had a trademark for "Walleto" which would probably have been the name of its virtual wallet system.
The transaction may have closed in August, but the deal was only now uncovered. Considering that Google is starting to push NFC technology, the timing seems perfect.
Google's second branded phone, the Nexus S, serves as the Android flagship device and showcases both the latest Android 2.3 Gingerbread but also the NFC technology Google is hoping will pick up Steam.
The Nexus S is the first device to ship with a NFC chip which will enable users to pay for products and services with their phones, get data from promotional items in stores, or send their contact information to other devices.
The technology opens up a large number of opportunities for mobile devices and Google wants to be a part of it. Mobile payments are set to become a huge market and several companies are already positioning themselves to take advantage.
Yet there is no single product that stands out or has scaled so far, at least not in Europe or the US. With mobile devices becoming the most common way we access the web or get information, an electronic payments system on a device that we already have with us at all times is a no-brainer.