PayPal Holdings' (PYPL) $230 million purchase of Tio Networks Corp. will bring the payments pioneer deeper into the market for paying bills. If it succeeds, the deal will give PayPal another connection to users.

Tio is one of a number of tuck-ins that PayPal has made in recent years, including the roughly $1 billion purchase of money-transfer firm Xoom last year and the $230 million acquisition in 2015 of mobile wallet company Paydiant, which enables phones to serve as credit or debit cards.

"When somebody starts to use your platform more, [with] two or more services, we see that their lifetime value with us is almost five to six times that of just our average user," CEO Daniel Schulman said at an investor conference Wednesday. 

While tuck-in deals have been fruitful for payments processors, Pacific Crest analyst Josh Beck suggests that the coming wave of deals will include greater consolidation of companies that integrate a broader array of services.

Global Payments' (GPN) $4.7 billion acquisition of Heartland Payments System (HPY) in December could "mark the start of growing consolidation" as integrated payments companies seeks scale and growth rather than modest acquisitions of products or incremental technology, Beck wrote in a recent report. 

A combination of Vantiv (VNTV) and Britain's Worldpay Group plc, valued at £6.356 billion ($7.94 billion), is "highly compelling," Beck noted, because they have complementary services and geographic footprints. Vantiv and Worldpay declined to comment.

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