Paypal acquires Paydiant for $250 million, this acquisition get PayPal to compete with Apple Pay. Paydiant’s was founded in 2010 & is a white-label platform used by retailers like Subway and banks to add payment, loyalty and digital-coupon capabilities to their own apps. Paydiant is the brain behind MCX, a consortium of national retailers led by Walmart and others who launched mobile wallet app, CurrentC.
Paypal, had been trying to become popular in brick-and mortar store technology but they have not been successful. As this acquisition closes in next few months it will be interesting to see how PayPal competes with Apple, Google, and Samsung for their in-store payments.
With Paydiant acquisition PayPal also embraces Near-Field Communication (NFC) technology at the POS. The industry is going through a drastic changes with series of acquisitions like these, and Google’s Softcard acquisition, Softcard a consortium of major wireless carriers in USA introduced mobile wallet for consumers for in-store shopping.