Internet giant eBay made headlines this week over its decision to drop Paypal as a payment processor on its site. While this was news in itself as Paypal’s stock price took a dive, perhaps more interesting are the potential options that come with eBay’s new processor, a Dutch company called Adyen.
Adyen, which processed roughly $25 billion worth of payments in 2014 and $50 billion the follower year, is unique because it has partnered with BitPay since the end of 2015. Bitpay is a popular payment platform that allows consumers and businesses to conduct transactions with bitcoin and cryptocurrencies. Announcing the partnership at the time, Bitpay noted their union would allow “some of the biggest companies in the world the ability to begin accepting bitcoin payments.”
Boasting that Adyen works with “over 180 currencies and over 250 payment methods to process their payments,” Bitpay added that “Adyen’s merchants can now easily accept bitcoin as a payment method from their e-commerce stores.”
Now that Adyen is partnering with eBay, it’s possible the e-commerce giant will be able to accept bitcoin for payments. As Fortune pointed out, “buyers will have a wider choice of options on the new, more open eBay payments platform (bitcoin, anyone?).”
If that’s the case, there will likely be a variety of crypto payment options considering BitPay started working with other coins at the end of last year.
Still, Fortune notes that eBay “is still somewhat restricted in what it can offer in the financial realm under its original agreement with PayPal but that deal expires in June, 2020.” Regardless, the developing relationship between Adyen and eBay will be one to watch in the coming years.
In a 2015 “buying guide,” eBay published a list of merchants that accept crypto, either directly or through third parties like Gyft. A mounting number of retailers are moving to expand their abilities to accept cryptocurrencies, which continue to grow in popularity. Even Craigslist.org now has a crypto option now.
The potential for eBay to grow the pervasiveness of cryptocurrency use is huge considering that in 2015, the site was hosting two billion transactions per day.
Anti-Media has emailed both eBay and Adyen regarding if and when the retailer will integrate bitcoin and other cryptocurrency options. This article will be updated with their statements should they respond.
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I’ve always thought PayPal sucked. Looks like a great decision to drop it and get with the program! :-)
Interesting times ahead my friend
Paypal was great for the consumer but a nightmare for the retailer. Charge backs were overly common and I for one lost a lot due to buyers lying and PayPal sytomatically siding with them. Hopefully things will now change.
Good point. I think it would make sense for ebay now to seriously consider utilizing the Lightning Network on Bitcoin. That would be a huge use case and justification for cryptocurrency as payments in the traditional business world.
Would love to see Litecoin become the first coin accepted on Ebay.
While I am biased towards Litecoin, at the end of the day I really just want to see ANY crypto be used (successfully) as a large scale medium of payment in ecommerce. Ebay, Amazon, Alibaba, etc. If one of them proves the use case it will benefit everyone.
That would be interesting. LTC is well positioned for it's ability to function on the Lightning Network once it becomes more widely accessible.
I refuse to use Paypal. It's awful. No thanks and good riddance. There's something else here though to think about. We don't need ebay anymore either. Steemit.com does what ebay does, and we don't have a centralized control system taking tons of money from us to sell either. This place will replace sites like ebay, craigslist, linkedin, etc.
Good point. Hypothetically, how would a buyer and seller meet here on a price. Say I wanted to sell you wheat today for x % of your earned content steemit. Is this possible on the current Steem platform?
Yep, once we have the platforms built for it, and enough people using them. In the meantime, it would be a great thing for cryptos if EBay starts accepting them.
A huge step in the right direction.
I think that you are spot on. I signed up on Ebay to sell practically from the start. There was a time that you could do very well there. From my experience Ebay has been dead to me for a long time. I think that this is a move that they must make, if they plan to survive much longer. They need to do something to shake things up...
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Wow, this is great news! :) Thanks for sharing @careywedler! ♥
This initially sounded like good news, til I remembered it's eBay we're talking about. Whatever happens will most likely be a disaster.
@steemcleaners
i guess I should probably start selling my holdings in paypal????
Can the bitcoin block chain facilitate adequate volume of transactions for wide scale adoption?
Doubt it. Litecoin and dash are a much better fit here.
For ebay makes much more sense to use cryptocurrencies then the traditional payment processors.
Doubt it. Litecoin and dash are a much better fit here.I think it’s pretty even. Adoption rates are low still for cryptocurrencies. In 2-3 years, I think you are right. A simple crypto escrow would be all that’s needed.
Dash and Litecoin are cryptocurrencies.
Woops. Replied to the wrong comment, sorry 🤓
Now that you edited it sound strange my response :)
Maybe you should have used the
strikeout(double ~) and then right the new message.as an intermational seler, this is huge change.... paypal does not alwyas give best service but its worldknown and secure online bank
Its potentially great news, paypal share price took a 10% drop which considering the impact this will have seems low.
This is beautiful news! Best crypto news I've heard in a long time. I love to see the POWER, at least some of it, come back into the hands of the people. 'Crypto and the Blockchain are doing what they do best and this is a perfect article to show all in this Crypto correction.. that this industry is here to stay!! Thanks for this info..BigUPS. .STEEM ON!...H
Because I have an Ebay store, I received an email from them notifying me that they would be integrating other payment options into their platform by the end of the year. So... maybe that does mean crypto also.
Fairly exciting news, all in all. The PayPal-eBay link was always a bit sketchy and involved practices that bordered on usary when it came to "holding" and "freezing" money for random reasons.
There were some unofficial rumors last year that eBay was taking a long hard look at starting to accept cryptocurrencies as a way to increase exposure in developing nations with poor banking services... so maybe this is the culmination of that.
Your work ethic is out of this world!
Your work ethic is out of this world!
This is great more companies hopping on board