Tag: payment-system

eBay will soon replace PayPal as its main payment option

eBay and PayPal remained tight even after the two headed to splitsville in 2015. That’s bound to change in the near future now that the auction site has decided to offer an integrated payment system built by Amsterdam-based company Adyen. The move will give way to a more seamless payment experience — no need to log into another website to pay — since Adyen’s product (already used by Netflix and Uber) is purely a back-end payment service. You might encounter the new payment system as soon as the second half of 2018, when the e-commerce giant deploys it (on a small scale) in North America. Its availability will expand in 2019 and the year after, until all sellers have been transitioned to the new system by 2021. eBay has an existing contract to continue offering PayPal as a payment option until July 2023, but neither company has announced if they have plans to extend that partnership beyond that point. According to the auction site’s announcement, offering its own intermediate payment system will allow it to build a central console where sellers can track all their transactions easily. Plus, it’ll lower the payment processing charges sellers have to pay. Even with the lower charges, Recode says the move will boost eBay’s revenue by $2 billion, since it can now pocket those payment processing fees. At the moment, PayPal’s value is billions more than eBay — its shares fell after news of eBay’s decision was announced, but it remains to be seen if it will have a huge and permanent effect on the payment portal’s business. Wenig: We have made the decision to intermediate payments on $eBay . We have already begun building this capability, and will move as quickly as we can under the terms of our operating agreement with PayPal. pic.twitter.com/qDp3mDmBVx — eBay Newsroom (@eBayNewsroom) January 31, 2018 Via: Recode Source: eBay , (Twitter)

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eBay will soon replace PayPal as its main payment option

Cryptocurrency mining marketplace loses $64 million to hackers

A cryptocurrency marketplace called NiceHash has suffered a security breach that left its bitcoin wallet tens of millions of dollars lighter. Slovenia-based NiceHash connects miners, or people selling their hashing/computer power, with people willing to pay for that power. Andrej P. Škraba, the marketplace’s head of marketing, told Reuters that the company was targeted by “a highly professional attack” that involved “sophisticated social engineering.” He also revealed that the infiltrators got away with 4, 700 bitcoins — or around $64 million. Before Škraba talked to Reuters , NiceHash posted an announcement on Reddit and on its website that it’s pausing all operations for the next 24 hour to investigate the incident. The post said the company’s payment system was compromised, and that it’s working with authorities on top of conducting its own investigation. Unfortunately, Škraba didn’t reveal more details than that, but it’s advising users to change their passwords on NiceHash and other services — a great advice now that bitcoin looks more alluring to hackers than ever. It has soared past $15, 000 in value, just hours after it broke past the $14, 000 mark. Authorities in some countries are cracking down on cryptocurrency, however, in hopes of gaining greater control over the virtual currency. Source: Reuters , Reddit

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Cryptocurrency mining marketplace loses $64 million to hackers