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EBay Drops Paypal As First Choice For Payments

Accepted submission by Arthur T Knackerbracket at 2018-02-01 14:48:59
Techonomics

Story automatically generated by StoryBot Version 0.3.0a (Development).
Storybot ('Arthur T Knackerbracket') has been converted to Python3

Note: This is the complete story and will need further editing. It may also be covered by Copyright and thus should be acknowledged and quoted rather than printed in its entirety.

FeedSource: [BBCTech] collected from rss-bot logs

Time: 2018-02-01 13:38:02 UTC

Original URL: http://www.bbc.co.uk/news/business-42905465 [bbc.co.uk] using utf-8 encoding.

Title: Ebay Drops Paypal As First Choice For Payments

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Ebay Drops Paypal As First Choice For Payments

Arthur T Knackerbracket has found the following story [bbc.co.uk]:

EBay is to drop PayPal as its main payments processor in a move that it says will benefit sellers and buyers.

People buying items on eBay will be able to pay without leaving its website, and sellers will have lower processing costs, the online giant said in a blog post [ebayinc.com].

EBay has signed an agreement with Dutch firm Adyen to process payments, but buyers will still be able to use PayPal on the site until at least 2020.

PayPal was spun off from eBay in 2015.

Shares in PayPal were down 7% in pre-market trading in the US.

EBay said it wanted to complete the move as quickly as possible within the terms of its deal with PayPal, which runs until mid-2020.

The e-commerce company said that the operating agreement with PayPal "has not been extended and it will not be extended."

Amsterdam-based firm Adyen has a number of high-profile clients, including Uber, Netflix, and Easyjet.

The firm is growing quickly. In 2013, it processed $14bn-worth of transactions, but that figure had grown to $50bn in 2015.


Original Submission