Paypal VP Hill Ferguson announced the company's acquisition of mobile credit card payment service Card.io today. Card.io, which was available for iOS and Android, allows small vendors to accept credit card payments like Square, but instead of scanning a card's magnetic stripe it optically reads the number off the front.

Ferguson said that it was the Card.io teams' "creativity and drive" that inspired the acquisition, and that the company's employees will be moved to Paypal's offices in San Jose. PayPal was already in the process of integrating Card.io's services into PayPal Here when it decided to acquire the company, though we hope Card.io's struggles with complicated card designs won't come along with it.