The United Kingdom will be
the third market to introduce eBay's managed payments experience,
continuing the program's global expansion
LONDON, Feb. 26, 2020 /PRNewswire/ -- As part of
modernizing its marketplace and creating a more streamlined
experience for customers, eBay is expanding its management of
payments to the United
Kingdom. As part of the rollout this summer, the company
will offer buyers flexibility and choice in payment methods, and
give sellers an easier way to manage their businesses.
The U.K. is the third market to offer eBay's new payments
experience, after the U.S. and Germany.
"We're creating a modern managed marketplace. Taking control of
the payments process on our platform is a key component of our
strategy to enhance the eBay experience by breaking down barriers
and removing complexities for our customers," said VP of Global
Payments Alyssa Cutright. "We've seen great success in the U.S. and
Germany and we're thrilled to
expand to the U.K."
"By starting to manage payments in the U.K. this year, we're
taking another step to deliver improvements for our customers,"
said VP of eBay U.K. Rob Hattrell. "We know that sellers and buyers
expect smooth and seamless transactions, and this new payments
experience is designed to offer exactly that. In the coming months,
we will make the transition as smooth as possible for sellers so
they can take advantage of this important update quickly."
eBay plans to offer buyers in the U.K. a variety of payment
options, including credit card, Google Pay and PayPal. Apple Pay
will also be available as a payment option on iPhone and iPad.
eBay started managing payments on its platform in the U.S. with
a select group of sellers in September
2018, and expanded the experience to Germany in September
2019. The rollout has been paced by the terms of the
Operating Agreement with PayPal, which expires in the second half
of this year.
The company continues to make tremendous progress with its
managed payments, having processed more than $2 billion in GMV for almost 25,000 sellers, and
saving sellers almost $10 million as
of the end of Q4 2019. Later this year, the company will continue
its global expansion and expects to have transitioned a majority of
its U.K. business sellers by the end of 2020 and a majority of its
marketplace customers in 2021.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader including
the Marketplace and Classifieds platforms. Collectively, we connect
millions of buyers and sellers around the world, empowering people
and creating opportunity for all. Founded in 1995 in San Jose, California, eBay is one of the
world's largest and most vibrant marketplaces for discovering great
value and unique selection.
Forward Looking Statements
This announcement contains forward-looking statements relating
to, among other things, the future events and future performance of
the company and reflect, among other things, eBay's expectation
regarding the anticipated benefits of the company's initiative to
intermediate payments on its Marketplace platform.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made. Factors that could cause or contribute to such differences
include, but are not limited to: changes in political, business and
economic conditions, any regional or general economic downturn or
crisis and any conditions that affect ecommerce growth or
cross-border trade; the timing and possible outcome of this
initiative; the possibility that the initiative may be delayed or
abandoned; and the possibility that it may take the company longer
than expected to fully realize any anticipated benefits of the
initiative, and those benefits may ultimately be smaller than
anticipated or may not be realized at all.
More information about factors that could affect the company's
operating results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the company's most recent Annual Report
on Form 10-K and subsequent quarterly reports on Form 10-Q, copies
of which may be obtained by visiting the company's Investor
Relations website at https://investors.ebayinc.com or the SEC's
website at www.sec.gov. All information in this release is as of
February 25, 2020. Undue reliance
should not be placed on the forward-looking statements in this
press release, which are based on information available to the
company on the date hereof. The company assumes no obligation to
update such statements.
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