02 February, 2018
EBay is adapting to the likes of online crafts retailer Etsy Inc's (ETSY.O) model by taking control of the payment process on its marketplaces from PayPal, Forte added.
EBay Inc. will shift its payments business from long-time partner PayPal Holdings Inc.to Adyen BV, a global payments company based in the Netherlands, further distancing the companies that split in 2015 but remained intertwined through an agreement that fully expires in 2020. With payment intermediation, shoppers will be able to complete their purchases within eBay. Adyen will also provide reduced costs for sellers and a simpler pricing structure. Adyen will gradually take over processing EBay payments, beginning in North America this year and will handle a majority of transactions in 2021.
Adyen has a wide geographic reach and works with over 150 currencies and 200 methods of payments. PayPal hasn't provided analysts with much color on the impact yet.
eBay acquired PayPal in October of 2002 for $1.5 billion.
The announcement surprised some investors, who expected the companies to announce an extension to their operating agreement.
EBay and PayPal's divorce just got messier. 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.
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Transactions through eBay account for roughly 13 percent of total payments processed by PayPal, whose shares sank more than 8 percent in response on Thursday.
EBay will start processing payments using PayPal rival Adyen.
PayPal's business with eBay is big and still growing: it was up 10% in the fourth quarter of 2017.
(EBAY) on Wednesday reported a fourth-quarter loss of $2.6 billion, after reporting a profit in the same period a year earlier.
The company said it expects revenue in the range of $2.57 billion to $2.61 billion for the fiscal first quarter. The average estimate of 15 analysts surveyed by Zacks Investment Research was also for earnings of 59 cents per share. Double-digit growth was a big milestone for CEO Devin Wenig, who has been working on a turnaround.