PayPal said it has agreed to acquire Paydiant for an undisclosed sum. Paydiant creates the underlying payment mechanisms used by apps such as Subway and Capital One so people can pay for goods and services within those applications.
PayPal says the acquisition will allow its partners to build better mobile payment functionality into their own apps, and even go so far as to create complete mobile wallets. Paydiant also includes tools for managing gift cards and loyalty cards.
PayPal expects the acquisition to close in March or April.
