Google adds Toronto-based Zetawire to mobile commerce tool belt

Google Inc. (GOOG) acquired an early-stage mobile payments startup that might shine more light on the company’s plans for mobile commerce. Toronto-based Zetawire, which does work in near field communications, holds a patent for mobile banking, advertising, identity management, credit card and mobile coupon transaction processing.
The company also holds a trademark for “Walleto,” according to the 451 Group, which uncovered the deal. Zetawire’s background reinforces Google’s growing interest in NFC and mobile commerce in a variety of forms.
Like many in this space, including the carriers, Google CEO Eric Schmidt believes mobile payments could eventually replace credit cards.
“The theory of the case is that you’ll be able to walk into stores and do commerce. They’ll be able to find out who you are, with permission and all those kind of things of course,” Schmidt said last month.
“My guess is that there will be 500 new startups in the mobile payments space,” he added. “It’s likely to drive a very large mobile business.”