Card.io purchase brings extra payment options to PayPal
PayPal has acquired mobile payment system Card.io. The mobile app system relies on taking a photo of a credit or debit card with the phone to get the card details, rather than swiping the magnetic strip through a portable reader used in other services such as Square. The purchase of Card.io by the payments firm will add another mobile payments system to its portfolio, alongside its already existing Paypal Here swipe add-on for handsets.
Card.io snaps credit cards for payments
Two ex-Admob executives have launched a new mobile payment system for both iOS and Android devices. The Card.io payment system is designed to work as embedded code within a third-party app. At the time of purchase, a Card.io-enabled app is launched by the user and snaps a photo of their credit card. The built-in Card.io functionality then scans the card for the necessary information required to process a payment through the participating merchant’s third-party payment system. Upon completing the transaction, the data is immediately deleted.