PayPal has agreed to acquire mobile payment start-up Paydiant in a deal expected to close in late March or April 2015 after meeting customary closing conditions including regulatory approvals.
The acquisition will present Paydiant’s merchant clients with an open payments platform and global reach into more than 200 markets and 162 million active digital wallets.
The deal will enable Paydiant to offer value added services to merchant customers including risk management, 24 hours customer support, loyalty points and private label card acceptance.
Paydiant’s team of mobile developers, business leaders along with its founders Kevin Laracey and Chris Gardner will join PayPal as part of the deal.
Paydiant’s platform will let PayPal offer merchant partners their own branded wallets allowing merchants to use the mobile payment technology, including QR codes and NFC.