Paypal is to acquire Paydiant, a white label mobile payments specialist and developer of a platform that allows retailers to incorporate payment, loyalty and offers functionality into their own apps.
Paydiant also provides the mobile wallet platform for MCX, the payments venture established by a consortium of leading US retailers.
“Using Paydiant’s platform, our 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,” explains PayPal.
“Paydiant’s technology agnostic approach means that merchants can use any mobile payment technology – QR codes or NFC – that best suits their business,” the online payments giant adds.
The purchase price is around US$280m, according to Recode.