The online auctioneer Ebay has announced today it has completed the acquisition of mobile payment platform Zong in a deal worth at $240m.
The completion of the agreement that was first announced in July 2011 means Zong has now become part of PayPal.
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Scott Thompson, president of PayPal, has previously commented on the acquisition noting Zong will help strengthen PayPals leadership position in digital good ands mobile payments. He said: Zong brings complementary technology and employee expertise that we expect will help us grow the business even faster.
CEO of Zong, David Marcus, further added most of e-commerce will shortly become m-commerce. He said: I genuinely believe that PayPal, hand-in-hand with wireless carriers around the world will win in a big way. Well be working very hard on things that will blow your mind.
PayPal expects to process more than $3bn in mobile payments this year.
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By GlobalData
