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- Dec 19, 2013
When it starts
EBay said it will start the transition in payments processing later this year, with the majority of its marketplace customers using the new partner by 2021.
The e-commerce pioneer said the change will lead to lower costs for sellers, along with more options and a more integrated checkout experience for buyers. Netherlands-based Ayden also provides payment services for Netflix, Spotify and Uber. Ebay shares rose 15% Thursday after a better-than-forecast outlook.
"After careful consideration, we believe that we can offer a more seamless experience while giving buyers and sellers more choice for payment and payout options," President and CEO Devin Wenig said during eBay's quarterly earnings call.
What about PayPal?
EBay said PayPal will remain "an important partner," with a deal keeping the service as an option to make purchases in the marketplace until July 2023.
The online marketplace acquired PayPal in 2002, spinning it off in 2014, partly due to pressure from activist investor Carl Icahn, who had long advocated for a split of the two companies.
I for one HATE paypal; both as a seller and buyer. HATE, hate, HATE IT!
I think this is a good move.
Thoughts?