Adyen nabs eBay processing deal; PayPal stays on as checkout option
PayPal's time as eBay's primary payments processor will come to an end in a couple of years as the popular online marketplace has signed an agreement with Adyen.
PayPal will continue to be a payments option at checkout for eBay buyers once Adyen takes over processing in mid 2020.
"As a leading global commerce company, eBay believes that payments intermediation is strategically important to improve the buyer and seller experience on its platform and will enable the company to further innovate on behalf of its customers," the company said in a press release. "In a rapidly changing and competitive e-commerce landscape, shoppers expect to be able to both shop and checkout on the site on which they transact."
EBay mentioned in the press release that it has begun to make significant investments across its businesses to build the capabilities required to intermediate payments. The company has hired talent that previously worked at Alipay, Google, HSBC, Square and Wells Fargo.
"Over time, eBay expects to have a team of several hundred business, product, and risk specialists driving its payment capabilities," the company said in the release.