"eBay intends to further improve its customer experience by intermediating payments on its Marketplace platform", the market site said.
PayPal Holdings, Inc. has its outstanding Shares of 1.19 Billion.
eBay has said the decision will result in lower payment processing costs for vendors as well as greater options for buyers as Adyen accepts payment in over 150 currencies.
"EBay has signed an agreement with Adyen to be its primary partner for payments processing globally, including in North America". A new deal, however, will see the relationship as the primary payment processor cease.
In place of PayPal, eBay will offer customers Adyen, a Dutch payments competitor to PayPal. The company's business is exclusively focused on providing back-end payments services like credit card processing to businesses, which means unlike PayPal, users won't see any Adyen payment buttons pop up on eBay.
Union Budget 2018 Arun Jaitley's budget speech
The last such measure came in October, when the Centre dropped the excise duty by Rs 2 per litre. The Union Budget will be presented by the Finance Minister on Feb 1.
Although eBay's share of PayPal's revenue has been shrinking over the last few quarters, Thursday's announcement will nevertheless be a major shock for the online payments company. And eBay could have renewed the original five year agreement instead of letting it expire in 2020, as it now plans.
eBay is slowly shifting away from its old buddy PayPal.
PayPal Holdings, Inc. (NASDAQ:PYPL) touched its 1-Year High price of $86.32 on 01/31/18 and its 1-Year Low price of $39.02 on 02/02/17. Hedge funds and other institutional investors own 81.70% of the company's stock. In 2015, eBay spun out PayPal as an independent company. "In 2021, eBay expects to have transitioned a majority of its Marketplace customers to its new payments experience".
"EBay was restricted for a period of time from having another payment service", Rainey said. They will have the option of paying through Adyen and if they decide to pay through PayPal, they will have to exit eBay and then do it. Analysts expected PayPal to report earnings of 52 cents on sales of $3.63 billion for the quarter ended December 31.
The Average Earnings Estimate for the Current Fiscal quarter is $0.54 per share, according to consensus of 37 analysts.
MasterCard Incorporated is a technology company that connects consumers, financial institutions, merchants, governments and businesses across the world, enabling them to use electronic forms of payment. The good news is you'll still be able to do so on eBay.