Paypal has acquired Verisign payment gateway business (internet payment platform). It will provide merchants with multiple payment processing choices and manage online payments.


Ebay’s Paypal has acquired Verisign payment gateway business (internet payment platform) and will provide merchants with multiple payment processing choices and manage online payments.

PayPal will pay roughly $370 million to purchase Verisign’s payment gateway business, payable in cash and/or eBay stock.

According to the terms of the agreement, eBay will combine verisign’s payment gateway business with Paypal’s merchant services platform.

VeriSign will provide eBay with a set of security services that includes the use of two-factor verification, a security system that gives customers a one-time password or digital certificate to help protect against online identity theft.

Paypal has decided to speed up its merchant services business by expanding its customer base to millions of new small and medium-sized business customers online.

In addition to this, ebay and Verisign have signed a multi-year security technology agreement that requires ebay to invest in VeriSign’s payment security solutions.

Jeff Jordon, president of Paypal says “This acquisition will allow PayPal to accelerate its growth in off-eBay merchant services, and will provide merchants with even more processing choices from a single provider – including Verisign’s gateway, Paypal’s Website Payments Standard, Express Checkout or Website Payments Pro.” [Source]

Stratton Sclavos, chairman and chief executive officer of Verisign says “The alliance between VeriSign and eBay brings together two leaders in online commerce. eBay’s deployment of two-factor authentication will represent one of the largest consumer authentication deployments in the industry. [Source]

 

 

 

 

 

 

 

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