EBay (EBAY - Get Report) announced Thursday that it's adding Google Pay to its roster of payment options, as it continues to transition away from using PayPal (PYPL - Get Report) as its main payments provider.
The online marketplace operator announced in 2018 that it would be phasing out its usage of PayPal as a payments option by 2023. The two had previously been one company, but PayPal was spun out as a separate firm in 2015. Instead, EBay has started relying on Netherlands-based payments processor Adyen to be its primary processor, and eBay said it expects to manage most of its payments by 2021.
EBay said the move is intended to attract new buyers that it hasn't reached before, regardless of their platforms or systems.
"The global market share of Android is 87% and, together, [Google Pay and Apple Pay] have a combined 111 million global users, wrote Alyssa Cutright, eBay's VP of Global Payments, Billing & Risk, in a blog post. "As we look to expand the managed payments experience beyond the U.S. this year, the immense global reach of Android is part of why we're so excited to be able to offer buyers new payment options."
Cutright wrote that Google Pay will become available on eBay in early April.
EBay shares were up 0.2% to $36.77 in morning trading on Thursday, while Alphabet shares were down 0.3% to $1,222.34 and PayPal was up 0.9% to $103.19.
Activist investors Elliott Management and Starboard Value have been pushing EBay to break itself up to unlock value. As a result, the company has been undergoing a strategic review of its businesses.
How Much Money Will I Need to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.