📰 eBay is ditching PayPal

http://www.cityam.com/279891/ebay-just-ditched-paypal-fintech-startup-unicorn-europe

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Maybe behaviour like this has shown them they need to use a more honest provider? One can hope…

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This news has made my week

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I’ll await news on the fees before I decide if it’s a good thing.

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Starting to get annoyed with the loose term of “fintech startup” Adyen are pretty huge and been around for while.

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Agree, I guess whoever wrote this CityAM article hasn’t heard of them :smile:

A better version of this news is on FT

https://www.ft.com/content/d4e3e67c-0752-11e8-9650-9c0ad2d7c5b5

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I would almost be happy paying more just to stick two fingers up at Paypal!

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I wonder how the money will be sent to people’s bank accounts? PayPal worked well for sellers in the sense you had a wallet of money that wasn’t associated with eBay.

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Presumably just standard bank transfer, which to be fair is good enough - PayPal-style “wallets” have their uses but nobody needs one if they just want to sell something online.

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Good news! I got interested in fintech following issues with Paypal, not related to eBay.

(Apart from the eBay perks, where an Adyen account will replace Paypal) Can a Monzo current account replace Paypal anywhere that takes card payments?

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Presumably Adyen wouldn’t offer accounts at all because 90% of people just want to sell their stuff and not get yet another account. The remaining 10% will keep using PayPal and everyone is happy.

Worry no more :joy:

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Given how long the partnership has gone on, this is simply huge

This news was announced almost 3 years ago so shouldn’t be such a shock. eBay was clear then that the operating agreement with PayPal “has not been extended and it will not be extended” and that the split would benefit sellers as well as buyers.

I think eBays new payment processor will be live by the end of the year and the next interesting step will be 2023 when the PayPal contract fully ends and will no longer have to be offered as ‘first choice’ for eBay.

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I’m excited to see how this plays out

If I can’t use PayPal credit once the full contact is over then that’s me not buying anything from eBay and I’ll just scour the internet for what I need :rofl:

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It does make you wonder how they’re going to offer buyer protection.

Paypal were good at siding with the buyer, but with money going straight into the sellers account I can’t see it being straight foward to retrieve should the worst happen.

Not used eBay or PayPal for years in any meaning full way, and never will so not bothered either way :joy::joy::joy:

Direct debit, perhaps?

PayPal would often hold onto money in case there was a dispute so eBay could do something similar.