Tuesday , October 24 2017

PayPal announces it will acquire mobile payments company Paydiant

PayPal-Paydiant

PayPal President and CEO Designate, Dan Schulman, has taken to the company’s blog to announce that the payment giant will be acquiring Paydiant for US$228 million.

Paydiant, which was founded in 2010, has helped companies like Subway, Harris Teeter, Capital One and many others in the USA build mobile payments, offers and loyalty into their own mobile applications. Paydiant also owns and provides the mobile wallet platform for MCX for the worlds largest retailers such as Walmart, Target (USA Only), Sears, Wendy’s, Exxon, CVS and many others.

Schulman has stated in the post that with the addition of Paydiant, PayPal which is splitting itself from the control of eBay, will become a much stronger business partner for merchants.

Paydiants mobile developers, business leaders and founders Kevin Laracey and Chris Gardner will move over to PayPal with the acquisition once its goes through in either late March or April, once regulatory approvals and customary closing conditions have been finalised.

Dan will be catching up with Anuj, PayPal’s head of Strategy tomorrow, so it will be interesting to see what the company has in store for Paydiant here in Australia.

Editors Note: This article has been updated to reflect the rumoured price of the purchase to be US$228 million not US$22.8 billion which is the sum total of Paydiants payment volume last year.

 
Source: PayPal Blog.
Via: Re/code.

Alex Dennis   Journalist

By day, Alex works within the Industrial Relations field/occupation but by night and in his spare down time he searches the net for anything and everything relating to Android and Chrome related products and news.

Other various interests Alex has include, Accessible transport for people with disabilities along with LGBTIQ and Health related fields and interests for again for people with disabilities.

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