The Internet auction site eBay Inc. will refuse to cooperate with a long-time partner of PayPal Holdings Inc. in the field of payment processing and will move to the platform of the Dutch service Adyen NV. This was announced by eBay after the publication of the quarterly reports.
PayPal has been eBay’s main payment service for 15 years. The companies split up in 2015, but are still bound by a cooperation agreement, which expires only in 2020.
In eBay assured that users of the auction will be able to pay through PayPal at least until July 2023. The transition to the Adyen platform will be gradual: it will start in North America in 2018.
Changing the payment processing system will reduce costs for sellers and expand the capabilities of buyers, says eBay. Adyen accepts payments in 150 currencies and is used by many high-tech companies, including Uber.
Against the background of this news, eBay shares rose by 8.4% in the preliminary trading, PayPal lost 11.1%. Over the past 12 months, eBay capitalization has jumped by 27%, to 42.4 billion dollars, PayPal — by 115.6%, to 102 billion dollars.