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.
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