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PayPal to be acquired by eBay.

INTERNET BUSINESS NEWS-(C)1995-2002 M2 COMMUNICATIONS LTD

Online auction house eBay has announced its intention to purchase PayPal, an electronic payment company.

The company has stated that the deal is intended to speed up the transactions of buyers and sellers on its online auction site. The Billpoint payment method - used on eBay alongside PayPal - will now be phased out. Meanwhile, eBay has stated that PayPal will cease to be used to process payments on gambling sites.

The deal is still subject to PayPal shareholder and federal regulator approval.

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Publication:Internet Business News
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 9, 2002
Words:100
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