eBay Puts Faith in Bill Me Later Purchase

He added that "the current credit environment could offer PayPal an opportunity for market share gains as others tighten credit."

eBay may have also stepped in the way of its rival, Amazon(AMZN Quote), from making a play for Bill Me Later. Lindsay points out that Amazon had a 10% stake in Bill Me Later.

"It stopped Amazon from being a formidable competitor to PayPal," Lindsay says of eBay. "It was a good offensive and defensive move."

All this, however, may not be enough in the end. eBay's stock has dropped 56% from its 52-week high. And some think the company has been too slow to come up with changes to revitalize the business.

Derek Brown, an analyst for Cantor Fitzgerald, says that if eBay had acted four or five years sooner, it might have made a difference.

"We have not been particularly optimistic and today's news makes us even less optimistic," he says.