PayPal purchases Cardio to augment mobile commerce ventures

Paypal Mobile Payments wearable technology

Paypal Mobile Payments

Cardio credit card scanning service now a part of PayPal’s mobile commerce initiative

Online payment processor PayPal has purchased the Cardio credit card scanning service. The Cardio service allows consumers to make payments using credit card information that has been scanned by a smart phone or mobile device’s camera. PayPal has been making use of the Cardio service for nearly a year, having paid fees to do some during that time. Now, PayPal hopes to integrate the system into its overarching payment processing scheme and utilize it as an alternative to NFC technology in mobile commerce.

PayPal continues to look for alternatives to NFC technology

PayPal has been growing more aggressive in its entry into mobile commerce recently. The company has abandoned NFC technology, which has been the cornerstone of mobile commerce for years, claiming that the technology is not capable of meeting the needs of consumers. As such, the company has developed its own mobile commerce technologies designed to make purchasing goods and services with mobile devices easier. Cardio’s card scanning technology is expected to add momentum to this endeavor and, perhaps, replace the need for NFC technology in the mobile commerce industry.

Company undaunted by strong competition

PayPal faces serious competition from amongst the numerous telecommunications, technology, and financial companies that are invested in mobile commerce. The majority of the companies working in the industry are strong advocates of NFC technology. Google, in particular, believes that the technology is capable of revolutionizing commerce and the way people shop for products. Thus far, NFC-based services have beat out alternatives in terms of consumer adoption.

Cardio service may help PayPal’s mobile commerce initiative become popular with consumers

More NFC-enabled smart phones are being released or will soon be released to the commercial market. The growing availability of these mobile devices is expected to bring significant growth to the mobile commerce industry, but PayPal is unfazed by the prospects of its services being unpopular. The company believes that Cardio’s technology will augment its mobile commerce services and make them more attractive to consumers that are interested in making mobile purchases.

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