EBAY CONTRACTS WITH NEW PARTNER FOR PAYMENT PROCESSING

EBay announced that they will be ending their payment processing contract with Paypal Holdings, Inc. within the next few years. Currently, shoppers only option is to use Paypal to make purchases. 

EBay will start accepting payments using Adyen BV, as early as some time in 2021. Adyen BV is a global payments company located in the Netherlands.

EBay will give all shoppers until July 2023 to still checkout with their connected Paypal accounts. Lower payment processing will be the biggest point of changing processing companies.

Remember that EBay purchased Paypal in 2002 and phasd out its own competing payments service at the time. CEO Devin Wenig reportedly is making great profits even before this payment processing change.