eBay buying Zong for $240 million

July 7, 2011
PayPal owner eBay said Thursday that it has agreed to buy mobile payments provider Zong for $240 million in cash.

PayPal owner eBay said Thursday that it has agreed to buy mobile payments provider Zong for $240 million in cash.

"With Zong, PayPal will have greater ability to offer consumers even more choices in how they want to pay," the San Jose, California-based said in a statement.

The acquisition of Zong will help PayPal "reach the more than four billion people who have mobile phones, giving them more choice and security when they pay," PayPal president Scott Thompson said.

"Commerce is changing," Thompson added. "With mobile phones, we walk around with a mall in our pockets."

Zong, which is based in Menlo Park, California, offers mobile payments options for digital goods and services in 21 languages and 45 countries.

"We look forward to extending our services to PayPal's more than nine million merchants around the world," Zong chief executive David Marcus said.

said it expects to transact more than $3 billion in this year with eight million customers making purchases on their mobile phones using its services.

EBay said it expects the Zong acquisition to close in the third quarter of 2011.

EBay shares were up 1.40 percent at $33.38 in early trading on Wall Street.

Explore further: EBay's PayPal envisions doubling in size by 2011

Related Stories

EBay's PayPal envisions doubling in size by 2011

March 11, 2009

(AP) -- EBay Inc.'s name may conjure images of online auctions, but the company is hoping to turn attention to its second-largest business - PayPal - which it expects to blossom significantly in the next few years.

EBay CEO envisions PayPal in more offline settings

May 12, 2010

(AP) -- The waiter asks: "Will you be paying by cash, credit or PayPal?" The man in charge of PayPal's parent company says you shouldn't be surprised to hear that question within a year.

eBay to buy GSI Commerce for $2.4 billion

March 28, 2011

Online auction giant eBay announced Monday that it has agreed to acquire GSI Commerce, a provider of electronic commerce and interactive marketing services, for $29.25 a share or $2.4 billion.

PayPal to restrict payments to India merchants

January 29, 2011

(AP) -- PayPal is making more changes to its online payment service in India, saying it will begin restricting the size of payments to merchants in India because of new rules from the Reserve Bank of India.

Recommended for you

When words, structured data are placed on single canvas

October 22, 2017

If "ugh" is your favorite word to describe entering, amending and correcting data on the rows and columns on spreadsheets you are not alone. Coda, a new name in the document business, feels it's time for a change. This is ...

Enhancing solar power with diatoms

October 20, 2017

Diatoms, a kind of algae that reproduces prodigiously, have been called "the jewels of the sea" for their ability to manipulate light. Now, researchers hope to harness that property to boost solar technology.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.