PayPal Buys Card.io To Drive Mobile Payments

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PayPal has announced that it’s buying Card.io in what seems to be a talent and technology grab to help the company challenge the threat of Google’s Wallet, devices like Square, iZettle, and a purported iWallet from Apple. Card.io’s technology uses the camera on smartphones to capture credit card data from traditional plastic cards, a system that PayPal could easily incorporate into its existing payments systems to enable mobile transactions. According to PayPal the Card.io team will be joining its global product team in San Jose, but Card.io’s existing partners should be okay because the tech will remain accessible for them to build into their applications.

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