EBay Rings Up Mobile Payment Outfit For $240M

Law360, New York (July 7, 2011, 1:33 PM EDT) -- EBay Inc. unit PayPal will beef up its position in the online payment market with the $240 million purchase of mobile phone payment specialist Zong, as big online merchants continue to snap up upstarts in the world of virtual commerce.

Combined with PayPal’s leading global payment platform serving 100 million active accounts worldwide, San Jose, Calif.-based eBay predicted Zong would add complementary technology and talent to strengthen PayPal’s leadership position in mobile payments.

"With mobile phones, we walk around with a mall in our pockets. PayPal...
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