PayPal has agreed to acquire mobile payments startup Paydiant and as a result, will be bringing NFC technology to its Here card readers in the near future. Financial terms of the deal were not disclosed.
Paydiant is a name most probably aren’t familiar with but they play a pretty big role in the world of mobile payments. They’ve helped companies like Capital One and Subway build mobile payments, offers and loyalty services into their respective mobile applications.
The company is also responsible for providing the mobile wallet platform for MCX whose members include CVS, Exxon, Sears, Target and Walmart, just to name a few.
PayPal also revealed that a new version of its Here card reader is in the pipeline. With NFC technology built in, users of Apple Pay, Google Wallet and (eventually) Samsung Pay will be able to pay for purchases using their mobile devices.
The terminals will also accept contactless credit cards, Bluetooth to accept payments through the PayPal Here app and chip-and-PIN cards. Both MasterCard and Visa are scheduled to switch merchants over to chip-and-PIN card readers in the US by October 2015.
PayPal plans to launch its new Here card reader in Australia and the UK this summer before deploying in the US later in the year. No word yet on how much the reader will cost merchants.