EBay to cancle PayPal as its core payments processor. It is doing this in order to make the payment process smoother.
With this change, peoole buying from ebay will be able to make payments without leaving the site. Plus, the sellers will have to bare lower processing costs.
EBay has now made a deal with Adyen to take care of payments, though PayPal will stay on board till 2023. Adyen, an Amsterdam-based firm has number of high-profile clients, including Uber, Netflix, and Easyjet.
After the announcent from Ebay, shares in PayPal went down to 7% in pre-market trading in the US.