Payment processor Heartland Payment Systems has acquired Leaf, a US-based mPOS start-up. Financial terms of the deal were not disclosed. Heartland initially paid $20 million for a majority stake in Leaf in September 2013 but has now bought the remaining minority interest.
The Leaf mPOS tablet
The acquisition shows how the fast-moving mPOS market is heating up, following the news earlier this week that Amazon would be entering the fray with its own mPOS proposition.
Leaf has taken a different tack from mPOS rivals like Square and PayPal by launching its own tablet device incorporating a magnetic stripe card reader, NFC, EMV and cameras, enabling it to accept payments from cards, mobile wallets and alternative methods such as PayPal.
Heartland says that Leaf will operate as a separate business unit under CEO Sarah McCrary, and will be payments-agnostic, working with the majority of domestic processors.
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