The huge e-commerce platform E-Bay keeps going with the process to get rid of PayPal as the major payments processor for the platform and redirects its attention towards Cryptocurrency Payments.
E-Bay to choose Adyen over PayPal
According to E-Bay’s VP, Scott Cutler, the e-commerce platform might choose cryptocurrency payments which also means that PayPal will be left behind.
“This is a trend that everybody is talking about, but sadly, at Ebay, we don’t currently accept bitcoin as a form of payment. We’re seriously considering it as these cryptocurrencies become more mainstream, but we’re not quite there yet,” said Cutler.
As the E-Bay distributed their future plans to discontinue PayPal as the main payment method, the PayPal’s stocks were affected and were traded lower.
Even more, E-Bay has already signed a partnership with Adyen, a payments service based in the Netherlands.
Adyen is also partner with BitPay, a well-known cryptocurrency payments service.
What advantages would bring cryptocurrency payments over the present payments methods?
First of all, cryptocurrencies gained a lot of attention in the past years and many investors and individuals switched from fiat money market to the cryptocurrency market.
All these facts reflected on the market cap of the cryptocurrencies which is now at $433 billion.
Secondly, cryptocurrencies transactions are faster than the present payments methods.
Other online platforms that adopted crypto and how did that end
Steam was one of the first digital platforms to adopt cryptocurrencies payments. The digital video games retailer, however, discontinued cryptocurrencies payments due to the many blockages of the crypto networks and their scalability.
Overstock, on the other, accepted Bitcoin in 2014 and this year, its stocks went up by 250%.
However, PayPal will remain the payment method on the E-Bay platform, at least until 2020 when the agreement between the two parties will expire.
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