Softcard, previously known as Isis, the digital wallet consortium backed by AT&T, T-Mobile and Verizon Wireless, is laying off 60 employees as part of a restructure. In a statement released on Friday, the company said:
“Softcard is taking steps to reduce costs and strengthen its business. This includes simplifying the company’s organizational structure and consolidating all operations into its Dallas and New York offices, which involves layoffs across the company.”
The Softcard app allows US consumers to pay for goods using their phone via NFC. It faces competition from Apple Pay and a plethora of other digital wallet offerings, many of which, including Google Wallet, have been reinvigorated by the launch of Apple Pay, which is convincing some previously-unconvinced merchants to install the point of sale infrastructure necessary to accept payments via NFC.