PayPal Acquires Card.io

Remember when PayPal copied Square and launched its own credit card reader for mobile devices called PayPal Here? The device allows merchants to swipe credit cards using a thumb-sized card reader, and also allows them to accept credit cards and checks using a phone camera to scan and process them.

Well, PayPal liked the company that provided the camera-scan functionality so much, it bought it this week.

PayPal has acquired Card.io, a San Francisco-based company that provides technology for developers to capture credit card information by using the camera on a smartphone.

Hill Ferguson, Vice President of Global Product wrote on the PayPal blog, "While working with them, we were simply blown away by the creativity and drive of their employees. They are a passionate and independent team that likes solving large, complex problems and we wanted them to join our team. Great people make great products and great products are what make companies great."

Ferguson said Card.io employees would join the PayPal global product team in San Jose, and the current card.io technology would remain available to developers for use in their own applications.