Another day, another acquisition in the payments space: U.S. payment processor PaymentCloud announced this week that it has acquired contactless payments provider Paysley. Payment Cloud purchased the majority share of the Los Angeles, California-based company; the amount of the transaction was not disclosed.
Paysley’s technology enables customers to use their smartphone as the point of sale device – without having to set up an account with the merchant in advance. Paysley leverages QR code technology – an approach common to payments in South Africa where the company’s founders are from – to power secure mobile payments directly from the user’s card, Apple Pay, or Samsung Pay account.
And with one-click payment verification, Paysley’s solution works well with the kind of transactions that are increasingly popular in our post-COVID, gig economy, subscriber-based, P2P world.
“The future of payments is already shifting toward contactless means and now, with the acquisition of Paysley, we will be at the forefront of this shift,” PaymentCloud CEO Shawn Silver said. “I’m eager to bring this innovative solution to fruition at such a pivotal time.”
Currently in the process of relocating its 55 employees to new offices in Encino, California, PaymentCloud processes credit cards for thousands of clients around the country. The firm also works with more than 80% of the top digital independent sales organizations (ISOs) to help them boost approval rates, onboard merchants quickly, and limit attrition.