Braintree provides web and mobile payments processing for companies such as Airbnb, OpenTable, TaskRabbit and Uber. With Braintree, a customer of Uber or Fab can make repeated purchases on a mobile application with one click without having to re-enter payment information or re-authorise through PayPal. The company processes more than USD 10 billion in payments annually for over 4000 merchants.
Venmo, Braintree’s mobile application that enables customers to pay each other using their mobile devices, is part of the acquisition and is set to upgrade PayPal’s mobile payments capabilities. PayPal has already solved many of the regulatory and logistical hurdles that will help to extend Braintree’s reach to more customers in more markets.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q4 2013.
In recent news, Facebook has rolled out its ‘Autofill with Facebook’ mobile payment feature in partnership with PayPal, Stripe, a US-based online payment processor, and Braintree, online media outlet TechCrunch reveals.
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