The acquisition is aimed at expanding PayPals in-store presence, strengthening its platform to help small businesses around the world.
iZettle has built a presence in Europe and South America that will allow PayPal to bring its platform to nearly 500,000 stores in 11 new countries including France, Germany, Brazil and Mexico. Moreover, it will help PayPal expand offline in the US, UK and Australia.
The deal is expected to close in the third quarter of 2018. Earlier in May 2018, PayPal has expanded its partnership with Visa in Canada to accelerate the adoption of digital and mobile payments for consumers and merchants.
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