PayPal has acquired Card.io, a start-up firm specialising in credit card scanning technology for payments, using the cameras in smartphones.
The online payment service said that the acquisition would help make it easier for consumers and merchants to use the PayPal digital wallet. PayPal is already using Card.io technology in PayPal Here, the mobile payment technology for smaller businesses and traders that it unveiled in March.
Hill Ferguson, PayPal’s vice president said that the acquisition would enable Card.io to work on projects and accelerate innovation on a scale not possible for a start-up firm. He added that Card.io’s technology would remain available to developers for use in their own applications.
By Neil AInger