Paypal has acquired startup company card.io, which is known for developing mobile technology for credit card payment.
The startup’s technology facilitates the scanning of credit card information by a smartphone’s apps or camera. This convenient device helps users save the time it takes to key in the digits on their card. Card.io is instrumental in providing technology for small vendors to receive credit card payments.
Paypal’s acquisition came shortly after they worked with card.io’s team in integrating their technology with Paypal’s mobile services. According to Paypal’s blog, they “were simply blown away by the creativity and drive of [card.io’s] employees.”
Paypal seems to be on a roll of injecting their company with the energy and passion of startup companies, with the acquisition of Zong last year. This is also a move by Paypal to solidify its position against competitors that offer mobile or web payment services such as Square and Stripe.