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EBay is dumping PayPal after 15 happy years together

EBay is dumping PayPal after 15 happy years together

It will be a mulit-year transition as eBay phases out its current arrangement with PayPal. PayPal will remain as an option for customers to pay, alongside a growing line up of alternatives, at least until July, 2023, eBay said.

For the March quarter, PayPal said it expects profit of 53 cents a share, a penny below consensus estimates of 54 cents.

Some analysts said they were surprised by eBay's estimate of the benefits from taking payments intermediary service in-house.

"The company's two sided digital payments platform is a valuable and difficult-to-replicate asset exhibiting strong network effects", Greene said.

Shares of PayPal sunk 7% Thursday after its former parent revealed it would no longer use the payments service as its primary processing partner.

eBay has also begun making significant investments across its business to build the capabilities required to reduce its back-end reliance on PayPal and intermediate payments across its own platform.

"eBay's payments initiative is expected to deliver value to customers through an improved shopping experience, enhanced selling tools and streamlined costs", the eBay blog post read.

eBay is slowly shifting away from its old buddy PayPal.

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PayPal separated from eBay in 2015 and is now the larger of the two companies, with a market cap of $103 billion. eBay is valued at $42 billion.

PayPal's new strategic direction has led to partnerships with numerous large financial institutions and big technology companies including Alphabet Inc's (GOOG.O) Google, Apple Inc (AAPL.O), Mastercard Inc (MA.N), Visa Inc (V.N) and JPMorgan Chase & Co (JPM.N).

PayPal has been steadily widening its customer base since it was spun out of eBay in 2015, having been predominantly focused on processing payments for eBay.

Shares of PayPal Holdings, Inc.(NASDAQ:PYPL) have seen a movement of -0.63% in the most recent session.

The move doesn't mean a complete goodbye to PayPal on eBay.

Sellers should expect "to provide eBay with some additional payments-related data and transition to a new relationship with eBay that includes integrated payments", so eBay.

Jennison Associates LLC raised its holdings in Paypal Holdings Inc (NASDAQ:PYPL) by 117.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. They will have the option of paying through Adyen and if they decide to pay through PayPal, they will have to exit eBay and then do it.

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