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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.

7 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 AHuxley · · Score: 4, Informative

      AC the "why" is in the payments from gift cards, other payment systems.
      Why accept CC when lots of people may want or can only use a gift card. The ability to work with a network of gift cards globally open up the gift card, bank payments, e-commerce payment systems and the CC market.
      More nations, more banks, more gift cards, new payment systems.

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    2. 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.

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    3. 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.

      --
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  2. Good news by AmiMoJo · · Score: 5, Informative

    PayPal is just awful. High fees, crap service, tax dodging and the dispute resolution is a joke.

    These new guys can't be any worse.... Can they?

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  3. Re:Huh? by Anonymous Coward · · Score: 5, Informative

    eBay and PayPal separated about 3 years ago. They are completely unrelated companies now. The only business between them was a (public) 5-year operating agreement to keep Paypal as the primary option. That expires June of 2020. The agreement allows a small percentage of transactions to be processed outside Paypal in 2018 and 2019 (obviously to allow time for development of an alternative).

    Source: eBay employee, but not of privileged information. The above was all made public during the public earnings call this week.

  4. Adyen Supports Paypal by muphin · · Score: 4, Informative

    Ironically, they accept paypal too :p - https://www.adyen.com/pricing/...

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