Zong Officially Part of PayPal as Acquisition Closes

Aug. 15, 2011

eBay Inc. late last week said it has completed its previously announced acquisition of Zong, a mobile payments providers that enables direct carrier billing. According to the acquisition agreement first announced in July , eBay acquired Zong for approximately $240 million. The mobile payments company is now part of eBay’s PayPal unit. eBay said Zong works with more than 250 mobile network operators around the world, offering payments for digital goods and services in 21 languages and 45 countries. After a consumer enters a mobile phone number, Zong verifies the number and clears the payment on the customer’s existing wireless service account. PayPal said it expects to process more than $3 billion in mobile payments this year.