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eBay Is Dumping PayPal For Dutch Rival Adyen (cnn.com)

Posted by BeauHD on from the out-with-the-old-in-with-the-new dept.

schwit1 shares a report from CNN: EBay, one of the world's biggest online marketplaces, announced Wednesday that it's dropping PayPal as its main partner for processing payments in favor of Dutch company Adyen. In 2002, eBay paid $1.5 billion to buy PayPal, an online payments company whose founders include Silicon Valley heavyweights Elon Musk and Peter Thiel. It proved to be a very successful investment. When eBay spun off PayPal in 2015 -- something investors and analysts had urged it to do -- the payments company's market value was close to $50 billion. It's now above $100 billion. Based in Amsterdam, Adyen already works with other big tech companies including Uber and Netflix. It says it handles more than 200 different payment methods and over 150 currencies. The shift will start gradually in North America later this year and eBay expects most marketplace customers around the world to be using the new system in 2021.

6 of 143 comments (clear)

  1. errrr no by Anonymous Coward · · Score: 5, Insightful

    I'd want to switch to some payment service I've never heard of and don't trust...... why?

    1. Re:errrr no by I'm+New+Around+Here · · Score: 4, Insightful

      I buy stuff on eBay. I click on the button to pay. I get a page that has my information on it. I either click pay, or choose which card/account I want to use for that item, and then click pay.

      It is no harder than any other site with a shopping cart.

      --
      If you think I voted for Trump because of this post, you're wrong. I voted for Dr. Jill Stein of the Green Party. Again.
    2. Re:errrr no by eclectro · · Score: 5, Insightful

      The horror stories surrounding paypal are legion (search for Paypal warning - there could be some old slashdot posts around too). I still hold my breath when doing a transaction with them. They found ways to hold up sellers' money countless times and it would often just disappear. I even felt guilty using Paypal just knowing their sordid past.

      This is a smart move by ebay and you can bet there are boatloads of people who are ready to jump ship.

      There really seems to be a lot of karma in this, and don't forget that everyone's hero Elon Musk made his money from "horrible" Paypal.

      --
      Take the cheese to sickbay, the doctor should see it as soon as possible - B'Elanna Torres, "Learning Curve"
  2. eBay roadmap is clear by Parker+Lewis · · Score: 3, Insightful

    Then eBay will buy Adyen for $1.5 billion and sell it later for $50 billion.

  3. Re:Good news by bobbied · · Score: 3, Insightful

    I've never had an issue with PayPal's service... The fees are a bit higher than simple credit card processors, but not that bad considering you don't have to do any of the setup work to take credit cards with PayPal. Sure, if you are a retailer processing lots of credit card purchases you'd be better of with somebody else, but if you do one or two transactions now and then, PayPal is fine.

    I find the dispute resolution part of PayPal works just fine, but you have to follow the process for shipping and insurance and demand the other party does too.

    I do probably 10-20 transactions a year, both buying and selling on E-Bay and other places using PayPal and I've never had an issue with PayPal as a service, though I've had issues with buyers and sellers who where trying to use PayPal and didn't know what they where doing.

    I haven't a clue what you mean by Tax Dodging....

    --
    "File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
  4. Re:Why? by SeaFox · · Score: 3, Insightful

    Have you tried reading the summary? It has interesting information.