Business 15 February 2018Vince Dioquino
eBay drops PayPal for European rival Adyen
Early this year, e-commerce corporation eBay named payment service company Adyen as its primary payments processor. As a partner of BitPay, Adyen will pave the way for cryptocurrency payments on eBay’s globally-recognized platform.
This signal boost for cryptocurrencies like Bitcoin Cash in a global e-commerce platform such as eBay comes at the height of cryptocurrency’s popularity and internet-fueled hype. Scott Cutler, eBay’s SVP for Americas, said the e-commerce site is “not quite there yet” when it comes to cryptocurrency adoption, but the management is “seriously considering it as these cryptocurrencies become more mainstream.”
“This is a trend that everybody is talking about, but sadly, at eBay, we don’t currently accept Bitcoin [BTC] as a form of payment,” he said.
eBay’s partnership with Adyen means the end of PayPal as a payment method on e-commerce website. PayPal has been a wholly owned subsidiary of eBay from 2002 until 2014 when it was divested from eBay’s portfolio of acquisition before officially becoming an independent company in 2015. Adyen, which is based in Amsterdam, specializes in facilitating mobile-first e-commerce and point-of-sale payments for businesses. The company is listed in Forbes’ “Fintech 50 2018: The Future of Payments,” a list of leading companies which the publisher claims are helping evolve the way businesses accept payments.
In the digital age, e-commerce has matured to a point of stability and strength. Transitioning to bCommerce is the next logical step for online merchants, and Bitcoin Cash will help ease this transition with lower processing fees and instant payment confirmations, all performed on the blockchain.
BitPay says Adyen will open payments through cryptocurrencies like Bitcoin Cash to more merchants and help spread its adoption for e-commerce. Currently, Adyen supports over 180 currencies and 250 payment methods. A tweet from @Bitcoin welcoming the announcements received appreciative tips served by @tipprbot, a Bitcoin Cash bot that automates tips from BCH users on Twitter and Reddit.
In an interview with Bloomberg, PayPal CFO John Rainey said eBay’s move was “completely anticipated,” because it was a “natural evolution” of their partnership. According to Rainey, eBay represents 13% of their payments volume. It’s interesting to note that Max Levchin, PayPal’s co-founder, is positive about cryptocurrencies, saying “It’s a brilliant mathematical idea, fantastic technology, an interesting commodity to speculate on.”
eBay’s deal with Adyen will be fully implemented after the e-commerce site’s agreement with PayPal expires in 2020.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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