The processing business is seeking to broaden its capabilities through the purchase of the startup.
The most recent acquisition made by Square appears to be geared toward making it easier for its app users to be able to use m-payments to send and collect money from their friends.
This was what the company revealed when it announced its acquisition of Evenly.
The acquired company was designed to be an easy m-payment app that has tools that Square clearly finds to be highly appealing and wants to be able to integrate into the offerings that it has for its own users. According to Gokul Rajaram, a project engineering lead at Square, the acquisition reflects the commitment of the company to produce an improved experience for merchants by allowing them to be able to place a greater focus on their own customers instead of having to concentrate on the transaction itself.
The Evenly app is designed to make it simpler for m-payments transactions to be completed.
It was created to make it very simple for anyone to be able to use mobile technology to send or collect money from their friends at any time, no matter where they are. “But more importantly”, said Rajaram in a blog post, the team t Evenly was able to underscore “the importance of prioritizing experience over the technical aspects of the product itself.”
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The app has been compared to Venmo in the way that it functions. That app was acquired, last year, by Braintree. The concept is that it becomes possible for mobile devices to be used for sending money from one person to another without having to deal with credit card services or banks in the middle. Braintree was purchased by eBay for approximately $800 million in September 2013.
This suggests that the company intends to broaden its m-payments market at PayPal, despite the fact that it has already predicted that the service will be generating over $20 billion in sales this year. Now, it appears that Square is aiming to provide eBay with some competition within this space. Evenly will be closing down its own operations early in 2014 and its team will then be hired by Square to work there, instead.