EBay said the transition to full payments intermediation will be a multi-year journey, and that it will try to move as quickly as possible to complete this process, within the parameters of its operating agreement with PayPal, which will remain in place through mid-2020. Adyen accepts payments in 150 currencies.
In a reportvia the BBC, eBay has struck a deal with the Dutch firm Adyen which will see them take over the role as the main payment source. 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.
But alongside an earnings report with a somewhat disappointing 2018 forecast, the decision sent shares of PayPal down 8%, though that still leaves the stock price at about double where it stood a year ago. As a matter of fact, eBay purchased the online payment company for $1.5 billion Dollars in 2002.
eBay and PayPal have been pretty much synonymous with each other for the longest time ever, but it seems that the partnership will be coming to an end.
The chief executive officer of PayPal, Dan Schulman, said on a call with analysts that the changing relationship with eBay was very "manageable" and that it was in line with PayPal's new strategy.
eBay has confirmed it will not be renewing its contract with the online payments system PayPal.
On Wednesday, PayPal announced its fourth quarter revenue grew 26% to US$3.74bn (€3.00bn). It also reported earnings of 59 cents per share.
eBayreportedly contributes about 13% of PayPal's total processed payments. Hedge funds and other institutional investors own 81.70% of the company's stock. It will remain a payment option until at least 2023, so you'll still be able to use it if you so wish. At present time the stock is moving 34.74% away to its 200-day moving average.
Excluding one-time items, the company earned 55 cents per share, beating the average analyst estimate of 52 cents, according to Thomson Reuters I/B/E/S.
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