Dive Brief:
- Mobile payments firm Paydiant announced Monday that it will be acquired by eBay Inc.'s PayPal for an undisclosed sum.
- PayPal will obtain access to Paydiant's network of clients already using its platform, including the Merchant Customer Exchange (MCX) consortium.
- MCX, which includes retailers Wal-Mart, Target, and Sears in its ranks, is in the process of developing its own, non-NFC mobile wallet app, CurrentC.
Dive Insight:
With PayPal facing a spinoff from eBay later this year, it seems that the payment unit is investing in its brick-and-mortar operations. While Apple, Google—and now Samsung—enter the payments space with their own mobile systems, PayPal seems to be cozying up to retailers by teaming with MCX's technology partner Paydiant.
