Bye Bye Softcard
Recently it was announced that Softcard (formerly ISIS) was purchased by Google. At the time of the purchase it wasn’t clear what would happen to Softcard, since Google has their own competing “Google Wallet” service.
After making the announcement, Softcard said they would have more information in the coming weeks. Doctor of Credit is reporting that Softcard has announced they will be completely shutting down. According to their new FAQ, “In the near future, the Softcard app will shut down and all wallets will be terminated. A specific termination date will be provided soon.”
The FAQ goes on to state that no payment or any other type of data will be transferred over. In other words, this isn’t a merger of the two programs, but instead a complete shutdown of Softcard. Once you open a Google Wallet account you will have to basically start over.
Serve with Softcard
I have shared my love for the Softcard version of the Serve many times before. Despite my recent conversion to REDbird, I still have one “SoftServe” in the family. For those who don’t know, the Softcard version of Serve allows $1,500 per month in online credit card loads while the normal Serve only allows $1,000.
This announcement doesn’t say anything about what will happen to these Serve accounts, although I suspect they will probably stay as is. With that said, my guess is new signups won’t last for very long.
If you were considering signing up for Serve through the app, I would suggest doing it sooner rather than later. The worst thing that would happen is that your card will be converted to a normal Serve with the $1,000 limit.
Since Apple Pay has proven to be so popular, I think it made sense for Google to take out the competition. With that said, Google has failed to gain traction with Google Wallet and I don’t think the absence of Softcard will change that. RIP ISIS/Softcard.