PayPal has struck a deal to acquire Honey, a shopping platform that offers online shoppers discounts and rewards, for $4 billion, according to a release Wednesday.
The acquisition comes as PayPal faces increased competition from tech companies such as Apple , Google and Facebook , which now offer either their own forms of payment or payment processing. PayPal is also battling stalwart credit card networks like Visa and Mastercard , which are expanding their online payment offerings. Honey Science Corporation operates as both a web browser add-on and a mobile app, offering consumers discount codes to roughly 30,000 online retailers.
The discount site features a mobile shopping assistant, tracking tools and alerts, price history information, special offers and a rewards program. Read MorePayPal, which also owns Venmo, has more than 275 million active consumer accounts and 24 million merchant accounts. Honey was founded in 2012 and is headquartered in Los Angeles. It has 17 million monthly active users, according to the release.
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