PayPal Acquires Mobile Card Capture Technology
July 19, 2012
PayPal yesterday revealed it has acquired mobile-wallet technology provider card.io. The San Francisco-based company markets technology that enables mobile devices to capture credit card information via a smartphone’s camera. PayPal used the company’s technology as part of its PayPal Here small business mobile acceptance product and the card.io staff made an impression.
“While working with them, we were simply blown away by the creativity and drive of their employees,” says Hill Ferguson, vice president of Global Product for PayPal. “They are a passionate and independent team that likes solving large, complex problems and we wanted them to join our team. 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. The current card.io technology will remain available to developers for use in their own applications.”
Financial terms of the deal were not disclosed, nor did PayPal say exactly how they would further employ card.io’s technology.