EBay Set to Drop PayPal As Main Payment Processor

EBay Set to Drop PayPal As Main Payment Processor

The move from PayPal to Adyen will start in North America this year but move at a slow pace.

As a customer, PayPal may appear to be an on-the-platform payments experience already but ever since eBay and PayPal parted ways, eBay is not control of payment processing as PayPal handles that end of the transaction. The average volume was noted at 8554.67K shares while its relative volume was seen at 1.5.

EBay said the benefits of the changes would include lower costs for sellers and more payment options for buyers.

GLOBAL JUMBLE SALE site eBay has announced that its former bae, PayPal is being ditched for a new payment partner. The Company operates through Payment Solutions segment.

When customers checkout, they will have the option to stay on eBay and use Adyen's services - or leave the website and use PayPal.

Although PayPal will remain on eBay's site as a payment option until 2023, Adyen will offer an on-site service as opposed to PayPal's external offerings, in addition to reduced costs for sellers and a simpler pricing structure.

On the PayPal earnings call Wednesday, CEO Daniel Schulman said the distancing from eBay is "the best possible outcome for PayPal".

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eBay added that it will share more relevant information and details on the changes as the time for the new agreement draws closer.

EBay now represents 13 per cent of transactions processed by Paypal.

Several other institutional investors have also bought shares of the company. However, eBay expects most of its payments to be processed by Adyen by 2021.

eBay and Paypal were part of the same company for 13 years, but split into standalone businesses in 2015.

Analysts on average were expecting earnings of 52 cents per share, according to Thomson Reuters I/B/E/S. Fourth-quarter revenue rose 9.1 percent to $2.61 billion. In 2002, EBay paid 1.5 billion Dollars to buy PayPal, an online payments company whose founders include Silicon Valley heavyweights Elon Musk and Peter Thiel. At present time the stock is moving 34.74% away to its 200-day moving average. It allows its customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds. Analysts expected PayPal to report earnings of 52 cents on sales of $3.63 billion for the quarter ended December 31.

Adjusted earnings per share were 55 cents, compared to the 52 cents that Wall Street forecast.

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