PayPal nabs Card.io to expand digital wallet options

PayPal's digital wallet is getting heftier with the addition of some credit card technology courtesy of Card.io.

PayPal just announced that it has bought out Card.io, a startup that produces technology that can capture credit card information by using the camera on a smartphone.

The addition of such a solution to PayPal's portfolio would certainly help give a boost to its digital wallet offering and payment options for consumers.

Essentially, Card.io enables fast and incredibly simple credit card scanning just using the phone's camera. The service accepts all major credit cards, and an external dongle or any other hardware is not required.

Hill Ferguson, vice president of Global Product at PayPal, didn't offer many more details when he announced the merger on the official PayPal blog -- other than the plan that the team will help PayPal "change the future of shopping and payments."

But he did note that current Card.io technology and SDKs for iOS and Android will remain available to developers for use in their own applications.

Back in March, PayPal introduced a re-designed digital wallet at SXSW 2012 in Austin that reflected a mobile platform that goes beyond just payments, but also as a one-stop shop for mobile commerce in general with tools for creating budgets and managing loyalty program points, among other features.

Financial terms of the deal have not been disclosed.

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