eBay announced today it’s expanding Managed Payments to Australia and Canada, the 4th and 5th countries where eBay will manage payments. eBay has already begun managing payments for a percentage of sellers in the US, Germany and UK.
eBay explained that the pace of the rollout is dictated by the terms of the Operating Agreement it entered in to with PayPal, which expires in July 2020. eBay and PayPal split in 2015 after pressure from activist investors led by Carl Icahn.
eBay started managing payments on its platform in the US with a select group of sellers in September 2018, and expanded the experience to Germany in September 2019.
According to the eBay announcement:
“The company has made tremendous progress with its new payments experience, having processed more than $2 billion in GMV for over 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 the sellers on its marketplace into the new payments experience in 2021.”
eBay did not get specific about the timeline, writing, “As eBay continues to modernize its marketplace and create a more streamlined experience for buyers and sellers, the company is expanding its management of payments to Australia and Canada later this year.”
Read the full announcement on the eBay corporate blog.