Finance

EBay To Shift Its Payments Business From PayPal To Adyen

EBay To Shift Its Payments Business From PayPal To Adyen

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.

Shares of e-commerce platform eBay Inc surged almost 11 percent on Thursday after it reported strong results and launched a new partnership to take more control of payments on its sites from long-term partner PayPal Holdings Inc.

"The biggest surprise from the quarter was the acceleration in growth of the core U.S. Marketplace business, which sets eBay on a stronger trajectory entering 2018", Baird Equity Research analyst Colin Sebastian said.

Gross merchandise volume, a key metric of the value of goods sold on the site, rose 10 percent to $24.4 billion in the fourth quarter, the company said Wednesday, as the number of active buyers on the platform increased. Sales and marketing expenses rose 13.3 percent to $689 million.

While Adyen will eventually be easing out PayPal from its current role, eBay assures that PayPal will remain one of the payment options that buyers can choose upon checkout. eBay further revealed it has an "Operating Agreement with PayPal, which remains in place through mid-2020".

In a blog post, eBay said on Wednesday it has signed an agreement with Adyen to become its primary payments processing partner.

eBay acquired PayPal in October of 2002 for $1.5 billion.

EBay said it wanted to complete the move as quickly as possible within the terms of its deal with PayPal.

PayPal separated from EBay in 2015 to concentrate on expanding its electronic transactions business without being shackled to the slow-growing online marketplace. Analysts on average were expecting earnings of 52 cents per share, according to Thomson Reuters I/B/E/S. In addition, PayPal seems to be doing fine and has recently reported a 59 percent rise in profit for the fourth quarter of 2017.

PayPal also reported earnings on Wednesday, posting $3.74 billion in revenue and earnings of 55 cents per share during its latest quarter.

EBay on Wednesday also announced a $6 billion share buyback program.


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