PayPal has announced that it has agreed to acquire mobile payments startup, Paydiant and the deal is expected to close in late March or April. By joining the PayPal family, Paydiant will be able to scale its mobile wallet technology and offer value-added benefits to its merchant customers.
“Using Paydiant’s platform, PayPal’s merchant partners can now create their own branded wallets to accelerate mobile-in-store payments and drive consumer engagement through mobile payments. Similar to PayPal, Paydiant’s technology agnostic approach means that merchants can use any mobile payment technology – QR codes or NFC – that best suits their business,” PayPal wrote in its Blog Post.
Founded in 2010, Paydiant helped brands integrate payment modules into their mobile apps. Some of its customers include Subway, CapitalOne, Walmart and Target. Paydiant’s system is compatible with various technologies like NFC and QR Codes, which helps PayPal’s cause of expanding into the growing variety of mobile payment system.
In 2013, PayPal had acquired mobile payment service Venmo. PayPal has also announced that its Here card reader for mobile payments will soon support the wireless payment technology. The NFC-enabled version of Here will pair with phones via Bluetooth, and supports traditional chip and PIN methods. The new NFC-enabled PayPal Here Chip and PIN card reader, which will start rolling out in the UK and Australia this summer; and in the U.S. later this year.