Near Field Communications Handsets and Tags, NFC Pilots and Projects

PayPal buys mobile payments startup FigCard

Monday, May 2, 2011

PayPal has announced the acquisition of Boston-based mobile payments startup FigCard, according to TMCnet.

Founded in 2010, FigCard provides a solution that lets merchants accept mobile payments by plugging a special USB device into their cash register or point-of-sale terminal. To pay using the solution, customers need only install the Fig app on their smart phones, says TMCnet.

Peter Chu, senior director of PayPal Mobile, comments: “We loved FigCard’s approach to point-of-sale, particularly because it was driven by the same vision that we have at PayPal – in the future, transactions can be as smart as a computer and not as dumb as paper. We won’t need our physical wallets. We’ll be able to pay any way we want, from any device, anywhere in the world with both flexibility and privacy.”

FigCard’s founders Hasty Granbery and Max Metral will join PayPal Mobile as part of the deal. PayPal has elected not to disclose the financial terms of the acquisition.

Read more here. [end] 

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