In an effort to claim an even bigger stake in the mobile payment market, PayPal has purchased the app-development company StackMob.
The exact terms of the deal have not been disclosed at this time, but PayPal has confirmed that 18 of StackMob's engineers will be moving to San Jose to join the team at PayPal headquarters.
New PayPal CEO David Marcus is actively trying to make the company as big of a name offline as it is online. Under his reign, the company has completely transformed the way it operates. PayPal already made a bold move to purchase Braintree, another mobile payment company.
With the brainpower of StackMob on its side, PayPal is likely to create a large footprint in the mobile world. StackMob's technology can be seen in a variety of apps, including those used by Verizon Wireless, Urban Outfitters, Intuit and even Adobe.
According to an official statement from PayPal, "It's an exciting time to be a technologist at PayPal! While projects underway at PayPal have already accelerated our ability to deliver great products to our customers, we believe that with the addition of the talented team from StackMob, we'll move even faster in creating, testing and deploying products that aim to transform payments for customers around the world."