Showing the significance of mobile payments to PayPal's future, eBay CEO John Donahoe announced the new president of its PayPal subsidiary is David Marcus, formerly the company's VP and GM of mobile. Marcus came to the company through its acquisition of direct carrier biller Zong last year. Marcus founded Zong in 2008 and served as the company's CEO before it was acquired by eBay in August for $240 million.

In a post on the PayPal blog, Donahoe praised Marcus' tenure as head of PayPal's mobile products and discussed the growing importance of mobile payments to the company:

"David has made his mark since joining PayPal as VP of mobile when we acquired Zong last year. He’s worked closely with the entire PayPal leadership team to drive mobile to unparalleled new heights. We’re going to close this year with more than $7 billion in mobile payment volume. And David’s helping inject new innovation — most recently with PayPal Here. PayPal Here is PayPal’s first global physical product and free app that turns any iPhone, and soon Android smartphone, into a comprehensive mobile payment solution."

Marcus replaces Scott Thompson as the president of PayPal. Thompson left rather suddenly in January to take over as CEO of Yahoo.