Paypal has made another critical move to further the efficiency of their payment system by acquiring and integrating the Hyperwallet into their platform. Paypal has made this announcement today about this acquisition costing $400 million in cash with adjustments.
Founded in 2000, Hyperwallet helps individuals and small firms receive payments for goods and services that they sell on online marketplaces. Hyperwallet’s payout platform connects established financial infrastructure with the leading edge technologies.
The acquisition aims to integrate the local mass payments capabilities that the Hyperwallet has. It means that Paypal will now have a broader selection of payment currencies on how their clients may compensate their payees as well as the number of payment methods growing to more than just payment transfers to bank accounts, existing credit and debit cards and now adding payments to branded Visa or MasterCard accounts or payees to be able to pick up the compensation in cash anywhere in the world.
With the integration of the Hyperwallet into the Paypal platform, this will make the system more intuitive by imploring Rest API and transparency by showing the exact amount the payee will receive and the exchange rate at the time the payment is processed.
Paypal has been on a buying spree recently. In May, Paypal agreed to buy European payment-terminal maker iZettle AB for about $2.2 billion making the purchasethe largest acquisition in PayPal’s 20-year history.
Paypal’s payment system has just gotten a facelift. Paypal is now not just a payment giant but with the addition of Hyperwallet to their platform they just emerged as THE payment giant.