Paypal Acquires card.io

PayPal announced Tuesday that it has acquired  card.io, a San Francisco-based firm that specializes in  technology to capture credit card data via a smartphone camera.

The relationship between PayPal and card.io began when card.io’stechnology was integrated into the PayPal Here app. Employees of card.io will be relocated to PayPal’s San Jose campus.

No external device is needed to swipe a credit card with card.io integration allowing virtually anyone with an Android device, iPhone, or browser to scan the credit card by simply taking a photo with their smart phone. The transaction fee charged is 15 cents per scan, and card.io currently accepts all major credit cards.

Other card.io partners include Uber, LevelUp, TaskRabbit, 1-800 Contacts, and Lemon, according to its website.

“We can’t wait to get them involved in helping us change the future of shopping and payments,” Hill Ferguson,PayPal’s vice president of global product, said.

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