PayPal, U.S. online payments service giant, just confirmed that it is buying the payments start-up company iZettle for $2.2 billion.
PayPal (PYPL) announced on Thursday it has bought the Sweden’s company, which is the biggest deal in its history. iZettle is best known for its small but strong services for providing mobile card readers and other digital payment products to the small businesses, especially in Europe like France, Germany, Netherlands and Italy. So PayPal will benefit a lot from this merger, and increased its competition in that market.
In addition, as PayPal focused on online money transfer and traditional paper methods like checks and money orders for a long time, this deal will help the company extent its services to in-store payments in many countries.