NEW YORK – E-commerce giant eBay Inc. has reached a deal to buy online and mobile payment technology provider Braintree for $800 million in cash.
The move comes as eBay’s PayPal unit works to evolve from its roots as an online payment provider, expanding its offline, mobile and online offerings to stores, restaurants and other business.
Braintree’s payment technology is used by popular start-ups such as vacation rental site Airbnb, cab-hailing app Uber and restaurant reservation site OpenTable. The company charges businesses a fee of 2.9 percent plus 30 cents per each transaction, and expects to process about $12 billion in payments this year.