eBay Looks to Bring Payments In-House After PayPal Partnership Ends

When eBay spun off PayPal five years ago the companies entered into an agreement that would have PayPal process payments until 2020; that agreement just ended and now eBay is looking to bring payment processing in-house; bringing payments in-house could open up eBay to billions in new potential revenue; eBay has been working on a payments system for the last few years which it says could unlock as much as $2 billion in revenue and $500 million in operating profit in 2022; “Payments is so foundational to a commerce experience,” Alyssa Cutright, VP of Global Payments at eBay, told Business Insider. “By having control of that, it gives us so much more flexibility in how we continue to enrich the buying and seller experience,” she added; PayPal will also be free to work with new partners as the old agreement limited their ability to work with competitors to eBay; payments have become one of the hottest areas within fintech and eBay is clearly looking to capitalize on this trend. Business Insider