Using Paydiant’s platform, PayPal’s merchant partners are able to create their own branded wallets to facilitate mobile-in-store payments and drive consumer engagement via mobile payments, loyalty, offers and the prioritization of preferred payment types, such as store branded credit cards and gift cards. Similar to PayPal, Paydiant’s technology approach means that merchants can use any mobile payment technology, QR codes or NFC. Along with acquiring technology, PayPal has also got Paydiant’s team of mobile developers, business leaders and founders Kevin Laracey and Chris Gardner.
The acquisition of Paydiant is subject to customary closing conditions, including regulatory approvals, and is expected to close in late March or April 2015.
Paydiant has enabled companies like Subway, Harris Teeter, Capital One and many others to build mobile payments, offers and loyalty into their own mobile applications. They also provide the mobile wallet platform for MCX whose members include retailers such as Walmart, Target, Sears, Wendys, Exxon, CVS and many others.
Paydiant is a provider of a cloud-based, white label mobile payment, cardless ATM access, offer redemption and loyalty platform that enables merchants, banks and payment processors to deploy and manage their own mobile payment and ATM access solutions under their own brand and on their own terms.
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