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PayPal acquires mobile payment start-up Card.io

As the mobile space continues to expand thanks to smartphones and the growing prevalence of tablets, more users are making purchases via mobile platforms. 

While PayPal continues to dominate the market for web-based payment platforms, they have been falling behind the likes of Square, a mobile payment platform that uses card-reading dongles plugged into smartphones to process payments.

Squaring up to Square

With Square now reportedly processing over $5 billion in payments annually – PayPal faces the prospect of losing its market dominance.

Enter Card.io.

Card.io gets PayPal’s pulse racing

San Fransisco start-up Card.io has developed a system capable of using a smartphone-taken photo of your credit card to process mobile payments.

Until recently PayPal had been working with Card.io to integrate their functionality into PayPal’s own mobile application.

However, reportedly impressed with the company’s creativity and future development potential, PayPal has this week announced an outright acquisition. 

Terms of the deal have not been disclosed, but PayPal and Card.io have both confirmed that Card.io’s SDKs will remain available to third party application developers.

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