Despite alternative websites appearing in recent years, eBay is, pretty much, still the go-to website for buying or selling your unwanted stuff. For years now, the main payment source eBay accepted was via PayPal. A new deal, however, will see the relationship as the primary payment processor cease.
In a report via the BBC, eBay has struck a deal with the Dutch firm Adyen which will see them take over the role as the main payment source. It is reported that eBay is keen to make the transition to this new provider as quickly as possible.
As you would expect, it all comes down to money. It is, however, a move which may end up benefiting consumers though. The deal is thought to be better for everyone overall with one major perk being that Adyen will have lower processing costs. Meaning you get to keep more of the money you make on the website.
The announcement has seen the share price of PayPal drop by 7%.
Adyen has certainly come a long way in recent years as a very viable alternative for payment processing. The company already has a number of exceptionally high-profile clients including Netflix, Uber and EasyJet.
The company reported processed over $50bn worth of transactions in 2015. With the deal with eBay set to start, this figure is almost guaranteed to skyrocket. With Adyen set to hit the stock market later this year, an investment in the IPO might not
The current deal with eBay is set to run until at least 2020. It is, however, thought that eBay will likely not choose to extend the deal beyond this point, or at least, not under the current terms.
Adyen, on the other hand, would appear to be a company on the move and well worth watching for the future.
Ultimately, for us consumers, it is reported to mean lower prices and who can complain about that?
What do you think? Surprised by the change? How do you think this will impact PayPal? – let us know in the comments!
By supporting eTeknix, you help us grow and continue to bring you the latest news, reviews, and competitions. Follow us on Facebook and Twitter to keep up with the latest technology, share your favourite articles, chat with the team and more. Also check out eTeknix YouTube, where you’ll find our latest video reviews, event coverage and features in 4K!
Electronic Arts (EA) announced today that its games were played for over 11 billion hours…
Steam's annual end-of-year recap, Steam Replay, provides fascinating insights into gamer habits by comparing individual…
GSC GameWorld released a major title update for STALKER 2 this seeking, bringing the game…
Without any formal announcement, Intel appears to have revealed its new Core 200H series processors…
Ubisoft is not having the best of times, but despite recent flops, the company still…
If you haven’t started playing STALKER 2: Heart of Chornobyl yet, now might be the…