So long PayPal, hello Adyen

[Skunk-Works]

One of the tech industry’s most storied partnerships is coming to an end.

eBay announced today that it will stop working with PayPal as its back-end payments service in 2020, and will start to move a small percentage of its payments volume to a new partner later this year.

In PayPal’s place, eBay has signed a long-term deal with Adyen, an Amsterdam-based payments company that was founded in 2006 and has counted global companies like Uber, Netflix and Spotify among its customer base.

https://www.recode.net/2018/1/31/16957212/ebay-adyen-paypal-payments-agreement

 

[ImpulsE69]

I thought ebay owned paypal?

 

[LikeLinus]

This. eBay purchased PayPal in 2002. Doesn't make sense?

https://www.cnet.com/news/ebay-picks-up-paypal-for-1-5-billion/

 

[Iron Woode]

https://www.cnbc.com/2018/01/31/ebay-in-split-from-paypal-will-start-using-adyen.html

 

[esquared]

This. eBay purchased PayPal in 2002. Doesn't make sense?

https://www.cnet.com/news/ebay-picks-up-paypal-for-1-5-billion/

Paypal became a separate company in 2015.

https://www.reuters.com/article/us-...-paypal-spinoff-in-2015-idUSKCN0HP13D20140930

 

[deadlyapp]

I'm surprised, I guess eBay wasn't getting enough kickback from Paypal since the split. I also find it interesting that Paypal has re-branded to venmo for peer to peer transactions, with no transaction fees when you pull from a bank account, which is different from paypal. I keep telling people that Venmo is going to end up going to a pay-per-transaction model in the future, once we're all done and hooked to it, but maybe I could be wrong.

 

[IronWing]

I'm surprised, I guess eBay wasn't getting enough kickback from Paypal since the split. I also find it interesting that Paypal has re-branded to venmo for peer to peer transactions, with no transaction fees when you pull from a bank account, which is different from paypal. I keep telling people that Venmo is going to end up going to a pay-per-transaction model in the future, once we're all done and hooked to it, but maybe I could be wrong.

Worked for Paypal.

 

[fleshconsumed]

FYI your paypal balance is not FDIC insured. I don't think paypal is going to go under any time soon, but if I were you I'd withdraw any balance you have, it's a good idea anyway.

 

[slayer202]

curious how this will somehow squeeze sellers a bit more. they don't pass up an opportunity take more

 

[deadlyapp]

curious how this will somehow squeeze sellers a bit more. they don't pass up an opportunity take more

I think they are going to go about this as a "win-win" for sellers, eBay will probably get a kickback from the new processor, and eBay sellers may take-home 1% more with reduced processing fees vs Paypal. Buyers and sellers will be forced to pick up a new payment method (aka another 3rd party with another access point to identity theft).

Cue 5 years down the road and the payment processor increases their fees and sellers are on the hook to eat it.

 

[slayer202]

sounds about right. I am a bit worried about how they are becoming "intermediates" in the transactions, if I'm reading that correctly. Hopefully that provides more safety for both buyer and seller, but we all know the seller usually gets screwed.

 

[BD231]

I can't think of any other reason anyone would use paypal .... can you? cept maybe twitch dot TV but those assholes won't follow my plan of all members giving me one dollar per week online for online video streaming so that I may finally be rich and laid by beautiful white women.

Apparently I'm not even worth a dollar a week to the human race.

 

[momeNt]

I'm surprised, I guess eBay wasn't getting enough kickback from Paypal since the split. I also find it interesting that Paypal has re-branded to venmo for peer to peer transactions, with no transaction fees when you pull from a bank account, which is different from paypal. I keep telling people that Venmo is going to end up going to a pay-per-transaction model in the future, once we're all done and hooked to it, but maybe I could be wrong.

Venmo is very popular with the youths these days. I think it's gonna stick around for a while.

 

[deadlyapp]

Venmo is very popular with the youths these days. I think it's gonna stick around for a while.

I tried to avoid it for a while because of the ties to Facebook for logging in, but once they did away with that requirement I started using it. Even pay my rent via Venmo now. I can't imagine that they don't incur huge fees for doing these ACH transactions back and forth but who knows.

 

[BarkingGhostar]

IIRC, when ePrey bought PrePal there was something like 150,000 outstanding transactions in neverending pending because of some questionable business practices by the company. Even with my low opinion of ePrey i was shocked that they bought them in the first place.

 

[ElFenix]

ebay should just launch its own blockchain payment system. guaranteed usage for the coin means big money for all the coins ebay holds in reserve.

 

[Skunk-Works]

I'm a little weary about a company that isn't in the U.S. and rather Denmark.

 

[Skunk-Works]

I can't think of any other reason anyone would use paypal .... can you? cept maybe twitch dot TV but those assholes won't follow my plan of all members giving me one dollar per week online for online video streaming so that I may finally be rich and laid by beautiful white women.

Apparently I'm not even worth a dollar a week to the human race.

That's a cool photo. I have a hat and jacket like that. I can't fit in the jacket anymore though.