The pending acquisition of mobile-payment developer Paydiant by PayPal will help empower credit unions, consumers and merchants, CU Wallet said.

Reports indicated that PayPal plans to acquire Wellesley, Mass.-based start-up for $280 million. CU Wallet uses Paydiant, a provider of white label mobile payment tools, to power its credit union centric mobile wallet offering.

"The PayPal transaction brings a vast acceptance network to our technology strategy, and the resources to rapidly expand the ways and places our members can shop and do business," CU Wallet CEO Paul Fiore said. "The announcement further solidifies our goal of providing a secure, convenient and valuable mobile payment platform to credit unions that is branded and controlled by the individual credit unions as a primary member service touch point."

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).