Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
8th July 2011
PayPal buys Zong
PayPal has agreed the purchase of Zong, the mobile payments company, for $240m (€168m £150m $240m ¥19.4bn Y1,552m). When users with Zong wish to pay on a web site they press the company's button and enter their mobile number. A secure PIN code is sent by text which they then enter on the web site. They have deals with 250 carriers in 45 countries.
Importantly Zong also operate the Facebook credit system.
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."