Google shipped the latest NFC (near field communications) chip with the Nexus S, has come from, a Toronto-based startup, that Google bought called “;ZetaWire,” according to 451 Group.
A notice from Zetawire’s law firm, Fenwick and West, mentioned the acquisition. The price was not disclosed, but it was likely very small, with only 2 to 4 employees. The deal may have actually occurred as long as a year ago, but was never reported.
According to the filing, the patent provides for mobile banking, advertising, identity management, credit card and mobile coupon transaction processing. These features would allow a consumer to make purchases using their smartphone instead of their credit card. Think of a smartphone with this technology as a virtual wallet (in fact, the company has also trademarked the name Walleto for these very purposes).