eBay plans to launch its first digital payments wallet

eBay has announced the launch of its first digital payments wallet, a feature that allows users to use the money they have stored in their eBay accounts to make purchases or pay for sales.

eBay CEO Jamie Iannone announced the news at eBay's investor day. The service is a major development for eBay because it can replace PayPal for certain payment processing. At the same time, the service is not a complete PayPal solution because the announcement shows that these funds can only be used for purchases on the eBay platform.

“I’m excited to announce the launch of the first digital wallet that can store a cash balance,” said Jamie Iannone. “Customers will soon be able to easily build up a balance in their eBay account to spend on their next favorite item.”

This is not the first time that the eBay platform has proposed the concept of a digital payment wallet. As early as the end of 2020, Jamie Iannone hinted at the 43rd Nasdaq Investor Conference that once the company completes the transition from PayPal in all markets, eBay will introduce some form of digital wallet to complete its payment ecosystem.

Additionally, another project highlighted at eBay's Investor Day event was the launch of eBay Vault in the U.S. next quarter. This is a digital marketplace for trading cards and collectibles in a 31,000-square-foot secure storage facility, and the company plans to expand the service to luxury goods.

Once valuable items enter eBay Vault, eBay Vault will be responsible for the safety of the items, and "instant sales" become a new possibility. The ownership of valuable items can be transferred from the seller to the buyer in seconds, without the need to re-verify, re-pack or ship the items anywhere.

The company explained that keeping high-value items safe and secure within the eBay ecosystem is extremely important to both buyers and sellers. Additionally, some of the planned features for eBay Vault, such as segmentation and real-time commerce, could be made available to a wider audience.

eBay estimates that Vault will have up to $3 billion in assets within a few years, which would make it one of the largest non-government asset stores in the world.

eBay

Digital Wallet

New Features