PayPal has acquired Card.io, a start-up firm specialising in credit card scanning technology for payments via cameras in smartphones.
The online payment service said that the acquisition would help make it easier for consumers and merchants to use the PayPal digital wallet. PayPal is already using Card.io technology in PayPal Here, the mobile payment technology for smaller businesses and traders that it unveiled in March.
Hill Ferguson, PayPal’s vice president said that the acquisition would enable Card.io to work on projects and accelerate innovation on a scale not possible for a start-up firm. He added that Card.io’s technology would remain available to developers for use in their own applications.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.