Online auction company eBay Inc. announced it completed its acquisition of direct carrier biller Zong. The acquisition agreement was announced on July 7, 2011. Zong was acquired by eBay for a total consideration of approximately $240 million.

Zong is now part of eBay's PayPal division. According to eBay, Zong will add complementary technology and talent to help strengthen PayPal's leadership position in mobile payments and digital goods.

As a direct carrier biller, Zong leverages connections with more than 250 mobile network operators around the world, offering localized, secure and easy-to-use payments for digital goods and services in 21 languages and 45 countries.

When selecting Zong as a payment method through an online vendor, consumers enter their mobile phone numbers as a payment method. Zong then verifies the number through an SMS text message and clears the payment on the customer's existing wireless service account.