Through this acquisition, PayPal gains access to TIO's network of customers, who pay utility and cable bills at kiosks. While greater details of their integration plans are unconfirmed, it is well known that PayPal has been working towards the ability to seamlessly bring cash transactions to PayPal digital accounts. With the help of TIO's customer based, in addition to its current capabilities (i.e., PayPal Cash), it seems PayPal can be at the forefront of financial inclusion.
PayPal buys TIO Networks for $233 million | TechCrunch
PayPal has agreed to buy bill payment management company TIO Networks for $233 million in cash. The deal will allow PayPal to gain access to a market of customers who pay their utility and cable bills at kiosks in locations like Rite Aid. This will help the company reach the “underserved” chunk of North Americans who are living paycheck-to-paycheck, some who even lack bank…
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