March 29, 2012 09:10 AM Eastern Daylight Time
eBay Inc. Names Mobile Payments Entrepreneur and Product Innovator
David Marcus President of PayPal
SAN JOSE, Calif.--()--eBay Inc. (Nasdaq: EBAY) today announced that executive David Marcus has been named President of PayPal, effective April 2. PayPal is the leading online payments provider serving millions of merchants and customers around the world with a faster, safer way to pay and be paid. A member of PayPal's executive management team, Marcus, has been leading PayPal's rapidly growing mobile payments business and has driven important mobile product innovations. Reporting to eBay Inc. President and CEO John Donahoe, Marcus succeeds Scott Thompson, who left the company in January.
As Vice President of Mobile for PayPal, Marcus has helped lead strong mobile payments volume growth and innovation, including PayPal Here. The new global service includes a free app and encrypted thumb-sized card reader, which turns any iPhone, and soon Android smartphone, into a comprehensive mobile payments solution. With PayPal Here, small businesses, service providers and casual sellers can accept debit and credit cards, checks and PayPal, or send invoices using one simple integrated product."David is the right leader for PayPal," Donahoe said. "He is a successful technology entrepreneur with a passion for great products that engage and delight customers. David leads with a founder's perspective. He will bring start-up energy to PayPal's unmatched global reach and digital payments capabilities. And he will sharpen PayPal’s focus on accelerating product innovation, driving consumer engagement and making paying anytime, anywhere through your digital wallet a safe, easy and convenient experience. David's appointment signals our deep commitment at PayPal, and across eBay Inc., to be a leading technology-driven and customer-focused product innovation company."
“Shopping is fun, but paying is not,” Marcus said. “PayPal has an incredible opportunity to make the way people pay simple, easy, and safe – everywhere, and at scale. We’re off to a great start in 2012 with breakthrough products that will truly change the way everyone shops and pays. I’m honored and excited to be asked to lead this unique business and help make the digital wallet an amazing experience for merchants and consumers worldwide.”
For 14 years, PayPal has been revolutionizing the payments industry – first with online payments in 1998 and then with mobile payments in 2006. In 2011, PayPal processed $118 billion in payments from over 100 million users in 190 countries, including $4 billion in mobile payment volume. PayPal is now extending its online and mobile capabilities offline, creating innovative in store payments solutions for retailers and consumers. Home Depot recently rolled out PayPal to all of its nearly 2,000 stores nationwide, and PayPal is implementing its point of sale innovations with other national retailers this year.
Marcus joined PayPal in August 2011 after the company completed the acquisition of Zong, a leading provider of mobile payments, where he was CEO and founder.
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows people to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 106 million active accounts in 190 markets and 25 currencies around the world, PayPal enables global commerce. PayPal is an eBay (Nasdaq:EBAY) company. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore. More information about the company can be found at www.paypal.com.