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PayPal Acquiring iZettle to Compete With Square for In-Store Payments Processing

Posted On: May 18, 2018   |   Posted By: Mac Rumors

PayPal Acquiring iZettle to Compete With Square for In-Store Payments Processing

PayPal this week announced plans to acquire the Swedish-based payments hardware company iZettle for $2.2 billion, with a plan to expand its presence in brick and mortar stores thanks to iZettle's technology. The acquisition will also help PayPal bolster its business across iZettle's main markets of Europe and Latin America .
Notably, the purchasing deal marks PayPal's biggest acquisition ever and will put it in the hardware market as a direct competitor to small business-focused company Square. Both Square and iZettle sell payments processing hardware devices that help small businesses conduct both traditional credit card transactions and NFC payments from mobile wallets like Apple Pay.
The deal is now expected to close in the third quarter of 2018, while PayPal says it hopes to "reap the advantages of the merger almost immediately in certain areas."
“Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop,” Dan Schulman, chief executive officer of...

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