Friday, 2 February 2018

eBay Is Dumping PayPal For Dutch Rival Adyen

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.
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