The company will use the financing to accelerate the growth of its merchant network in US and international markets and to expand its mobile carrier network. Zong provides a mobile payments service that combines carrier billing with credit, debit and prepaid cards. The company is also the mobile payment provider for Facebook Credits, a new virtual currency platform being deployed across the Facebook network of over 400 million monthly active users. Zong is especially popular among young customers, who do not have a bank account or a credit card and want to complete small purchases online. Zong’s transaction platform processed payments for over 10 million unique users in 2009.
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