eBay breaks it off with PayPal
A major blow for PayPal, with former parent company, eBay, announcing a new primary payment processor.
eBay is making the move to Dutch outfit, Adyen, allowing its users to remain on the website when checking out. Shoppers will still be able to select PayPal until at least July 2023. “We believe that we can offer a more seamless experience while giving buyers and sellers more choice for payment and payout options,” says eBay CEO Devin Wenig.
PayPal has been eBay’s main payments provider since 2003 and from 2003-2015 was a subdivision of the company. The contract accounts for roughly 13% of its total payments processed.