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Paypal has acquired card.io, a company specialising in capturing information from credit or debit cards using smartphone cameras, for an undisclosed sum.
card.io employees will join the PayPal product team to develop technology and apps around digital wallets. Existing card.io technology remain available to developers using it in their own apps.
The acquisition, which developed out of the two companies working together to develop new payment routes for PayPal, suggests a move towards camera-based payment methods - perhaps following in the footsteps of parent company eBay, which recently launched an image recognition app for purchasing cars.
"While working with them, we were simply blown away by the creativity and drive of their employees," says Hill Ferguson, vice president of global product at PayPal. "They are a passionate and independent team that likes solving large, complex problems and we wanted them to join our team. We can't wait to get them involved in helping us change the future of shopping and payments."
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