Global money transferring service firm, PayPal has said that it will acquire Card. io, which offers a technology allowing mobile phone cameras to scan credit cards and gather important information to facilitate transactions.

The company has not announced the financial details of the deal to acquire Cards. PayPal has been using Card. io technology in its mobile payment technology for small businesses and informal sellers called, PayPal Here.

Hill Ferguson, vice president of global product at PayPal wrote in a blog post that Card. io employye with join the PayPal global product team in San Jose to enable the payment processor to "create new experiences to make it even easier for consumers and merchants to use the PayPal digital wallet."

Ferguson also said that the current technology from Cards. io will be available for third party developers to be included in their products. Card. io has also clarified that its software development kits for Android and iOS, will continue to be available to developers to be included in their applications.

Ferguson added that the acquisition will allow the Card. io team to work on larger innovative projects which otherwise would not be possible for a startup to implement.