PayPal Acquires Mobile Credit Card Payments Startup card.io

PayPal announced today that it has acquired card.io, a San Francisco-based startup focused on technology that captures credit card information with smartphone cameras for developers.

The employees at card.io will be joining with PayPal's team in San Jose to simplify the use of PayPal's digital wallet for consumers and merchants, Hill Ferguson, PayPal's vice president of Global Products, wrote on PayPal's blog. Ferguson said that PayPal first met with the card.io team while working with them to integrate their technology into the PayPal Here mobile app. PayPal Here is PayPal's answer to Square: a thumb-sized card reader that turns any iPhone into a mobile payment system. "We were simply blown away by the creativity and drive of their employees," Ferguson commented.

Financial terms of the deal have not yet been disclosed, according to published reports. PayPal said card.io's technology will remain available for developers for use in their own applications.

[See Related: PayPal Looks to Mobile Payments and Partnerships With Banks to Stay on Top]

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio