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The digital wallet would help eBay customers use their sales proceeds to either pay the selling fees or purchase items from the marketplace.
The multinational e-commerce company eBay presented its digital wallet on a slide at the 2022 Investor Day. Although the company’s CEO Jamie Iannone has been hinting at the inclusion of crypto-based payment options for some time now, the digital wallet due in Q2 is a positive sign of the company’s adoption of blockchain technology. The online marketplace has already been transacting NFTs on its platform and the CEO had made it clear in a February interview to TheStreet that the company wants to attract the attention of millennials and the Gen-Z generation through cryptocurrency.
Digital wallets, in general, like Apple Pay or Google Pay, are software programs that contain information on payment details. While the mentioned examples are primarily credit and debit card-based, the crypto-based wallets will store private keys that will help crypto owners make payments in BTC or other compatible digital currencies. According to the press release, the digital wallet would help eBay’s existing customers use their sales proceeds to either pay the selling fees or purchase items from the marketplace. The service is associated with eBay Managed Payments and will help eBay win back the confidence of its long-time sellers who do not think eBay’s payment ecosystem offers the convenience someone like PayPal would offer.
eBay is a California-based online marketplace that acts as a facilitator for consumer-to-consumer and business-to-consumer sales, thus connecting buyers and sellers at a global level. Founded in 1995 by Pierre Omidyar, the company operations look after the eBay website that allows people and enterprises to trade goods and services across the world. While buyers do not need to pay any additional fee for using the website, the company charges sellers a selling fee once they avail of all their free listings both before and after the good or service is sold.
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Content specialist with interest across sectors like Finance, Politics, Environment, Technology & Education. Loves Fiction! A reader, dreamer & blogger. When not writing, you will find her enjoying solitude like her cats