Auction site eBay has finalised an agreement with PayPal, under which it will offer PayPal as a payment option on its new intermediated payments model till July 2023.
The new agreement extends the original agreement between the two companies by three years.
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The agreement covers payments through the PayPal payment button along with other services such as fraud detection and buyer protections.
eBay president and CEO Devin Wenig said: “PayPal has been a great partner for eBay, and as part of our new payments experience PayPal will continue to be a key form of payment for our global customers.”
PayPal president and CEO Dan Schulman added: “We are proud to have extended our relationship with eBay and our commitment to build on more than 15 years of collaboration and innovation with a great partner.”
In February 2018, eBay terminated its 15-year long partnership with PayPal and chose Dutch firm Adyen as its primary payments processor partner. The transition is expected to occur in 2020, when the existing contract between eBay and PayPal expires.
