PayPal completes Paydiant acquisition

PayPal has completed its acquisition of white-label, cloud mobile wallet platform for retailers, banks and payment processors for a rumoured $280 million.

By integrating the Paydiant platform with PayPal will provide opportunities related to mobile wallet and mobile apps. And the MCX brand may have a future too, offering PayPal an entrance into retail.

Bill Ready, SVP and Global Head of Merchant and Next Gen Commerce at PayPal said:

“Paydiant provides the mobile wallet platform for MCX, whose members include many of the world’s most loved retailers. Paydiant has also helped great brands like Subway, Harris Teeter, Capital One and many others build mobile payments, offers and loyalty into their own mobile applications. All of these merchants will now enjoy the advantage of having access to PayPal’s deep expertise in the mobile payments space, enormous customer base, best-in-class risk management, customer support, open payments architecture and global reach.”