EBay Inc. intends to “move pretty quickly” on rolling out its new payments system now that its operating agreement with PayPal Holdings Inc. has officially come to an end.
EBay and PayPal split into two separate companies in July 2015 but maintained a five-year operating agreement through which PayPal would remain the e-commerce giant’s primary payments partner. The companies announced in January 2018 that they wouldn’t be renewing that agreement upon its expiration, which took place this weekend.
Heading into the weekend, eBay had 42,000 sellers using the new payments platform and it had thus far processed more than $4.7 billion in volume through this “managed payments” initiative, according to Alyssa Cutright, eBay’s vice president of global payments, who said the company would move fast to bring more merchants on board. The company had 250,000 more sellers who were enrolled to come onto the platform upon expiration of the PayPal agreement, which previously limited the extent to which eBay could run its own payments system.