PayPal Agrees to Acquire Paydiant
PayPal has announced its acquisition of Paydiant to help build out its mobile business targeting and sharpen its focus in competition with other tech payment companies.
PayPal President and CEO Designee, Dan Schulman, released a blog post announcing the acquisition.
“Today, I am excited to announce that we agreed to acquire Paydiant, another great company that is focused on reinventing mobile payments,” Schulman states.
He went on to describe that Paydiant should be familiar to customers who like to pay with mobile apps and explained that Paydiant has 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.
Using Paydiant’s platform, PayPal’s 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.
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. PayPal resources will enable them to push the boundaries of innovation for merchants.
The acquisition of Paydiant is subject to customary closing conditions, including regulatory approvals, and is expected to close in late March or April.
PayPal President and CEO Designee, Dan Schulman, released a blog post announcing the acquisition.
“Today, I am excited to announce that we agreed to acquire Paydiant, another great company that is focused on reinventing mobile payments,” Schulman states.
He went on to describe that Paydiant should be familiar to customers who like to pay with mobile apps and explained that Paydiant has 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.
Using Paydiant’s platform, PayPal’s 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.
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. PayPal resources will enable them to push the boundaries of innovation for merchants.
The acquisition of Paydiant is subject to customary closing conditions, including regulatory approvals, and is expected to close in late March or April.