One of the nation’s leading online transaction processors recently bought a startup company that could allow more consumers to deal with their credit card debt using their smartphone.
PayPal recently announced that it had purchased the Boston, Massachusetts-based mobile payment startup Fig Card. The mobile payment company has developed a USB device, which plugs into any normal point-of-sale cash register, that can read any credit card data that has been loaded onto its associated application for smartphones.
“We loved [Fig Card’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,” Peter Chu, senior director of PayPal Mobile, wrote. “We don’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.”
PayPal, which is owned by eBay, takes a small percentage of any transaction made through the popular auction site that uses the payment service.