Ebay drops Paypal for crypto payments platforms, BitPay and Adyen
eBay drops Paypal partnership
eBay publicized its plan to discontinue PayPal as a payment option from its website, reflecting poorly on PayPal’s stock. In a major announcement made at the start of this month, PayPal has fallen on hard times recently as competition from more nimble operators like Venmo and cryptocurrency as a whole have largely undercut the behemoth.
According to Cutler, the e-commerce portal could take on cryptocurrencies as payments. In an interview with Yahoo Finance, the vice president accedes the present hype and popularity of cryptocurrencies. The executive signaled that eBay is looking into digital currencies but isn’t primed to accept them yet. Cutler stated:
This is a trend that everybody is talking about, but sadly, at eBay, we don’t currently accept bitcoin as a form of payment. [We’re] seriously considering it as these cryptocurrencies become more mainstream, [but] we’re not quite there yet.”
Partnership with Adyen
On January 31, 2018, Cutler’s firm announced that it has instead signed an accord with Adyen, an Amsterdam-based payment service company, to become eBay’s primary processor.
More importantly, Adyen also partnered with BitPay, the popular cryptocurrency payment platform, which will allow all Ayden clients to use their service.
There is a considerable possibility that eBay could accept cryptocurrencies due to its partnership with Adyen. Nevertheless, eBay’s decision to drop PayPal as a payment option will not be right away as the two companies are bound by the agreement which ends in the year 2020.
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