• PayPal Holdings (PYPL +0.7%) agrees to acquire Happy Returns, a business that allows shoppers to return online purchases at a physical location.
• "The post-purchase experience is something we've been looking into, since it's such a pain point — people want to shop online and return in store, and vice versa," Frank Keller, PayPal's senior vice president of consumer in-store and digital commerce, told CNBC in a phone interview.
• Happy Returns has more than 2,600 drop-off locations and the relationship with PayPal will allow it to improve its platform and expand its footprint, according to a statement on its blog.
• Terms of the deal weren't disclosed.
• The acquisition follows PayPal's $4B purchase of Honey, a platform that provides consumers with rewards for online shopping, in 2019.