This New Exec Will Bring Startup Energy to PayPal

EBay (NASDAQ:EBAY) has promoted David Marcus to president of its PayPal payment business. The change will be effective April 2.

Marcus joined eBay in August after the online retailer purchased his company, Zong Inc., for $240 million. The acquisition helped PayPal boost technology and allow customers to make purchases in physical stores on mobile phones. Marcus helped lead mobile payments volume growth as vice president of mobile for PayPal, and now the company is hoping that Marcus will bring “startup energy” to longstanding pay service.

Last month, PayPal’s e-commerce payment business allowed shoppers to pay using physical payment terminals in Home Depot (NYSE:HD) stores. The in-store service helps consumers purchase items with a PayPal card or pass code at checkout. The strategy was an effort to win away customers from credit-card companies.

EBay’s $3.38 billion in fourth-quarter sales was due in large part to PayPal revenue. The online payments unit accounts for approximately 40 percent of EBay’s revenue.

To contact the reporter on this story: Diallah Haidar at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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