Online auction giant eBay has completed its acquisition of Zong, a provider of payments through mobile carrier billing.
In accordance with the terms of the acquisition agreement announced on 7 July, 2011, eBay acquired Zong for about US$240m.
Zong leverages connections with more than 250 mobile network operators worldwide, offering localised, secure and easy-to-use payments for digital goods and services in 21 languages and 45 countries. Consumers simply enter their mobile phone numbers. Then, in a matter of seconds, Zong verifies that number and clears the payment on the customer’s existing wireless service account.
Zong is now part of PayPal and adds complementary technology and talent to help strengthen PayPal’s leadership position in mobile payments and digital goods.
PayPal expects to process more than US$3bn in mobile payments this year.