eBay pays $370 million for VeriSign’s online payments service

eBay pays $370 million for VeriSign’s online payments service

Looks like eBay has big plans for their PayPal services. The popular online auction website has just spend around USD 370 million as part of their broader agreement with the VeriSign related to their online payments service. VeriSign’s service offerings enabled small businesses to accept credit card and other payment types online to process around $40 billion in customer transactions last year.

With this deal, eBay plans to expand its own PayPal transactions division to provide services to small- and medium-size business customers. PayPal President Jeff Jordan spoke about their plans and claimed that the VeriSign’s services perfectly compliment the offerings by their company. He said: “This acquisition allows PayPal to give our customers more choice in payment services and grow our merchant services business even more quickly.”

The deal also has other aspects as per which eBay would be tapping in VeriSign for a wider range of digital security protections. They would also be allowing a new kind of transaction protection from VeriSign giving users access to one-time passwords or digital certificates, guarding against identity theft. This new service is expected to begin sometime next year.

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