PayPal's acquisition of payments company Braintree signals a renewed commitment to innovation in online and mobile payments, PayPal Australia's managing director, Jeff Clementz, says.PayPal's parent eBay announced last week that it had acquired Braintree, a six-year-old mobile payments specialist, for US$800 million. Braintree will operate as a separate division of PayPal.Overseas media coverage of the deal has suggested that this is a defensive move, with eBay taking over a fast-growing rival in the payments market at a time when parent PayPal's dominance is under challenge and its growth slowing.Clementz said: "We will help Braintree with resources and compliance. It will be the focus of our innovation."Braintree has a presence in Australia. Clementz said the integration of the business had not been spelled out in detail, except that the brand will be retained and it will be a separate operation.Braintree's mobile applications provide merchant accounts, payment gateways, billing and credit card storage. Its main product is Venmo, which allows payments to be made between mobile devices.