PayPal Buys Card.io, Hopes to Improve Mobile App

The technology could make PayPal's digital wallet easier for consumers and merchants to use

   

PayPal Buys Card.io, Hopes to Improve Mobile App

PayPal, a subsidiary of eBay (NASDAQ:EBAY), Tuesday announced its acquisition of San Francisco-based technology company Card.io.

Card.io provides technology for developers to capture credit card information via a smartphone camera. PayPal plans to use the technology to enhance its digital wallet and make the product easier for consumers and merchants to use.

PayPal Vice President of Global Product Hill Ferguson said on the company’s blog that the current card.io technology will remain available to developers for use in their own applications. He also noted PayPal’s excitement about the acquisition.

“While working with (Card.io), we were simply blown away by the creativity and drive of their employees,” Ferguson said. “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.”

Card.io employees will be joining PayPal’s global product team in San Jose, Calif.


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/paypal-buys-card-io-hopes-to-improve-mobile-app/.

©2014 InvestorPlace Media, LLC

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