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2/1/2018, 3:53 AM (Source: TeleTrader)
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eBay chooses Adyen as new payments partner

eBay Inc. announced on Wednesday that it signed an agreement with payment company Adyen, which will become its primary payments processing partner on its Marketplace platform. The e-commerce giant currently uses the services of PayPal Holdings, Inc. and it said it will offer PayPal as a way to pay at checkout until July 2023.

According to the statement, Adyen will provide lower costs of processing for sellers, as well as simplified pricing structure, while buyers are promised more payment options. eBay added it will begin payments intermediation on a small scale in North America in the second half of 2018, aiming to transition most of its customers in 2021.

Following the announcement, PayPal’s shares dropped 11.13% in after-hours trading.

Breaking the News / DJ