The PayPal payment service will lose an important part of business with its former parent company, ebay. In future, payment processing on platform will be run via Dutch service Adyen. After announcement, PayPal share fell by around ten percent in pre trading on Thursday despite good quarterly figures.
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Adyen should assume role as a payment processor from mid 2020, when contract with PayPal expires. Consumers should still be able to use PayPal as a payment option at least until 2023.
Originally, ebay had to handle payment transactions mselves. The financial supervisor, BaFin, said: ebay does not have a bank license.
PayPal boss Dan Shulman played down impact of decision. The loss of ebay business will be “quite manageable”.
