31 March 2015

PayPal to acquire mobile payment company Zong

07 July 2011  |  9626 views  |  0 D600 mobile

PayPal is to acquire direct carrier billing operator Zong for $240 million in cash

Launched in 2008, Zong is designed to let users make online purchases for virtual goods using their mobile phone. Customers hit the firm's button at participating Web sites when they want to make a payment. They then enter their mobile phone number and a secure PIN is sent to the handset which is entered online. The company has connections with 250 carrier networks in 45 countries.

As well as its merchant and carrier connections, Zong is also the mobile payment provider for Facebook Credits.

PayPal president Scott Thomson says: "Zong's expertise in carrier billing means that it has the potential to reach the more than 4 billion people around the world who have mobile phones - including people who don't have (or choose not to use) bank accounts or credit cards online. By combining Zong and PayPal, we believe we can offer more services to more customers, ultimately bringing even more value to how people pay and get paid."

Formerly a division of Echovox, Zong last year completed a $15M round of funding led by Matrix Partners. A move that that also saw Matrix partner and PayPal chief technology officer Dana Stalder join the board.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 June, 2011
24 June, 2011
27 May, 2011
03 May, 2011
27 October, 2010
27 April, 2010

Related company news

 

Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6336 views comments | 29 tweets | 20 linkedin
UK online banking fraud losses soar 48%
5793 views comments | 16 tweets | 18 linkedin
Future Money Focus: Mariano Belinky, Santa...
5368 views comments | 12 tweets | 12 linkedin
Google preps Gmail bill payment feature
5124 views comments | 15 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4953 views comments | 10 tweets | 11 linkedin

Featured job

Competitive Package
London or Frankfurt

Find your next job