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PayPal Buys Zong To Ensure Its Mobile-Payments Future

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PayPal paid around $240 million to buy Zong , which it calls one of the "leading providers of payments through mobile carrier billing." The firm has relationships with more than 250 cellphone networks in 45 countries, and combined with PayPal's 100 million-ish user accounts, it could give PayPal the "potential to reach the more than 4 billion people around the world who have mobile phones," according to the company. It's a bold move for PayPal.

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