eBay to begin rollout of new managed payments in the UK
eBay will expand its manageme...
This morning it was announced that the UK will be the third market to introduce eBay’s new managed payments experience.
eBay will expand its management of payments to the UK, in line with its corporate strategy to globalise and streamline services. The service, which will be rolled out this summer, will seek to provide more flexibility and options in payment methods. New payment methods will include credit card, Google Pay and PayPal, as well as Apple Pay for payments made through iPhones and iPads. The UK will be the third market to offer this experience, following on from the US 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 US and Germany and we’re thrilled to expand to the UK.”
This payment overhaul started in the US in 2018, with a select group of sellers, before expanding to Germany in 2019. According to the online marketplace, this rollout has been timed in accordance with the expiry of eBay’s Operating Agreement with PayPal, which expires in Q3 this year.
“By starting to manage payments in the UK. this year, we’re taking another step to deliver improvements for our customers,” said VP of eBay UK, 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.”
The results of this shift have already been significant. eBay has processed as much as $2bn in GMV for almost 25,000 sellers at the end of Q4 in 2019. In addition to this, the shift has also saved sellers almost $10mn, marking tremendous progress as well as an excellent trajectory for 2020. eBay expects the majority of the UK rollout to sellers and customers to be complete by 2021.
Did you know? The first item ever sold on eBay was a broken laser pointer. eBay founder Pierre Omidyar placed the item for sale for $1, but following the first online bidding war, sold the pointer for $14 to a collector of broken laser pointers.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
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- Inspirational Speakers & Presentations
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Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!