Today Ebay announced that they had acquired Zong for $240 million and they will pair it up with their other service PayPal to create a better way to do mobile payments.
Zong has been a pioneer in mobile payments with the advent of allowing goods purchased through your phone to be added directly to your mobile phone bill. It is very simple and can be done by entering a phone number into your phone to complete the process.
Ebay already owns PayPal and they have wanted to make Paypal’s stance in the mobile payment arena much stronger. PayPal says it expects to handle some $3 billion in mobile payments this year with over 8 million customers making those purchases on their phone. Mobile payments over PayPal is now reaching up to $10 million a day.