Good news and bad news for PayPal. Good news: Bank of America Merrill Lynch announced a partnership with the payments platform that enables BofA’s U.S.-based commercial clients to make payments in international payments in local currencies to payees with PayPal accounts in countries including Mexico, France, Germany, Italy, the U.K., and the Philippines.
Bad news for PayPal – online retail marketplace eBay said it was ditching the company for Amsterdam-based payments company Adyen. Earlier this week, eBay said it would end its 15-year partnership with PayPal as its backend payment service by 2020. EBay bought PayPal in 2002 for $1.5 billion, then spun it off under pressure from investors in 2015.