PayPal buys TIO Networks for $233 million

What you need to know: Paypal is the biggest online payments provider. It has a market capitalisation of $41 billion, more than eBay, the company that is was spun off from. TIO Networks processed about $7 billion in bill payments last year for its 14 million customers, throughout its 65,000 retail locations. Their mission is to make it more convenient and affordable for customers to pay bills.

Why its important: Paypal is trying to get a higher share of the customers that mainly use cash. By tapping into the TIO network, it will be able to reach north americans that are living from pay check to pay check, and that pay their bills in kiosks.

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