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PayPal acquires mobile payments firm Paydiant

PayPal has agreed to buy Paydiant. In an announcement on the PayPal website, Dan Schulman, PayPal President and CEO, said: “Today, I am excited to announce that we agreed to acquire Paydiant, another great company that is focused on reinventing mobile payments.

While Paydiant may not be a name you recognize, if you like to pay with mobile apps, you

PayPal acquires mobile payments firm Paydiant

PayPal acquires mobile payments firm Paydiant

are likely to be very familiar with the technology they’ve built. They’re the folks that have helped companies like Subway, Harris Teeter, Capital One and many others build mobile payments, offers and loyalty into their own mobile applications. They also provide the mobile wallet platform for MCX whose members include many of the world’s largest retailers including Walmart, Target, Sears, Wendy’s, Exxon, CVS and many others.

With the addition of Paydiant, PayPal becomes an even stronger business partner for merchants. Using Paydiant’s platform, our merchant partners can now create their own branded wallets to accelerate mobile-in-store payments and drive consumer engagement through mobile payments, loyalty, offers and the prioritization of preferred payment types, such as store branded credit cards and gift cards.

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. Along with acquiring incredible technology, we also get Paydiant’s team of brilliant mobile developers, strong business leaders and visionary founders Kevin Laracey and Chris Gardner.

By joining the PayPal family, Paydiant will be able to scale its mobile wallet technology and offer value-added benefits to its merchant customers that only a combined PayPal and Paydiant can provide – world-class risk management, 24 x 7 customer support, loyalty points and private label card acceptance, an open payments platform that supports all mobile operating systems, and global reach into more than 200 markets and 162 million active digital wallets. Our resources will enable them to push the boundaries of innovation for merchants.”

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