"Asked how the deal happened, Metral said that Hollywood power player Mike Ovitz, an acquaintance of his, introduced him to eBay chief executive John Donahoe."Fig Card is "an extremely easy way for merchants to accept mobile payments in stores by using a simple and very low cost USB device that plugs into the cash register or point-of-sale terminal. All the consumer needs is the Fig app on his or her smart phone."
The acquisition of Fig Card is further elaborated upon in this blog entry at PayPal, welcoming Max Metral and Hasty Granbery to the team, excerpt as follows:
"In my job, I get the opportunity to talk with a lot of merchants. And they see the same thing we do…retail is changing quickly. The lines between online and offline commerce continue to blur – thanks in large part to technology innovation in mobile. PayPal is extremely focused on being at the center of this new retail landscape and driving innovation in mobile payments. That’s why I’m so excited to announce that PayPal has acquired Fig Card and welcomes two innovators and entrepreneurs to the PayPal Mobile team – Max Metral and Hasty Granbery."
If you have a smartphone, it is quite clear that this is the future in commerce. The marriage of a simple, easy, and cardless online shopping process with brick-and-mortar business transactions is long overdue. It is these sorts of companies we imagine will fuel consumer spending as retailers harness the potential of digital technology.