PayPal Holdings Inc.’s shares dipped slightly late Thursday after a key Adyen N.V. executive told stock analysts that the Amsterdam-based company is “ready” to process “the majority” of eBay Inc.’s volume when eBay shifts to Adyen next year. Adyen also reported it is proceeding with an application for a banking license in the United States to support a faster-payout service it is planning for merchants.
PayPal’s agreement to process for eBay runs through the middle of 2020, but the big e-commerce marketplace has been shifting to a gateway service from Adyen that funnels transactions to a number of payment types, including PayPal.
By mid-morning Friday, PayPal’s shares were trading slightly down, as were Adyen’s and those of many other major payments providers in the midst of a market rout, including a 400-point drop in the Dow Industrial average. Following its initial public offering in June 2018, Adyen trades on the Euronext Amsterdam exchange.