Zong allows consumers to pay for purchases from their mobile phones or computers via direct carrier billing. Consumers need to enter their mobile phone numbers. Then, Zong is set to verify the number and clear the payment on the customers’ existing wireless service account. Zong is connected with more than 250 mobile network operators around the world, offering payments capabilities for digital goods and services in 21 languages and 45 countries.
eBays online payment unit, PayPal, expects to transact more than USD 3 billion in mobile payments in 2011. Currently, over 8 million customers are making purchases on their mobile phones through PayPal, driving up to USD 10 million in mobile payments per day. PayPal offers several services, including Mobile Express Checkout for merchants, PayPal Mobile Payments Library for developers, PayPal payment apps for the iPhone, Android- and Blackberry-powered devices and Nokia, as well as location-based shopping with Where.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in Q3 2011. eBay does not expect the acquisition of Zong to have a material impact on its financial guidance as issued in conjunction with its Q1 2011 earnings release.
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