Posted On July 18, 2012 By In Business, Mobile, Top Stories

Paypal acquires Mobile Payments firm card.io

Paypal has acquired mobile payments startup, card.io. The firm has been developing technology that captures credit card details with your smartphone camera.

According to  Paypal, the technology from card.io will be added to the Paypal app. It seems that the technology will be used to improve the app, especially the digital wallet which has become a huge battleground among Google, eBay, Apple and the likes as they vie for the crown of the digital wallet market.

VP of Global Product at Paypal, Hill Ferguson, remarked that,

“While working with them, we were simply blown away by the creativity and drive of their employees. They are a passionate and independent team that likes solving large, complex problems and we wanted them to join our team. Great people make great products and great products are what make companies great. The employees at card.io will be joining the PayPal global product team in San Jose to help us create new experiences to make it even easier for consumers and merchants to use the PayPal digital wallet.”

Judging by Paypal’s recent acquisitions and profitability for eBay, we should expect that the
deal should bring a better user experience for consumers.


[Source: PayPal Blog ]


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Akin is a writer at Technesstivity since June 2011 covering the use of technology in everyday life ranging from entertainment to business. A native of Lagos, Nigeria, he is a business economics student at the University of Liverpool. He has a knack for the role of venture-capital in funding innovative companies. He aspires to one day be a venture capitalist and investor. When in his spare time, the could be seen writing articles, reading books, listening to music, working on student radio and socialising with friends.