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EBay To Shift Its Payments Business From PayPal To Adyen

EBay Inc. (EBAY) will shift its payments business from long-time partner PayPal Holdings Inc. (PYPL) to Adyen BV, further distancing the companies that split in 2015 but remained intertwined through an agreement that fully expires in 2020.

EBay said that PayPal will remain a checkout option for EBay shoppers at least until July 2023. Adyen will gradually take over processing EBay payments, beginning in North America this year and will handle a majority of transactions in 2021.

EBay said the shift will result in lower payment processing costs for merchants selling on the platform and greater options for buyers. Adyen accepts payments in 150 currencies.

"eBay will begin payments intermediation on the Marketplace platform on a small scale in North America starting in the second half of 2018, expanding in 2019 under the terms of the Operating Agreement with PayPal. In 2021, eBay expects to have transitioned a majority of its Marketplace customers to its new payments experience,' eBay said.

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