Monday, May 29, 2006

Yahoo selects PayPal - Payments News

Yahoo! Selects PayPal As Exclusive Online Wallet Provider

As part of a bigger strategic relationship between eBayYahoo announced this morning, Yahoo! has announced that is has selected PayPal to become the "exclusive third-party provider of its online wallet and -- allowing customers to pay for Yahoo! services from bank accounts, credit cards or balances associated with their PayPal accounts."

PayPal, which has 73 million accounts in the U.S., also will be deeply integrated on the Yahoo! site and will receive prominent positioning when users purchase Yahoo! services across its network. This offering will provide Yahoo! consumers with additional online payment choices and the option to use PayPal across the entire Yahoo! network.

PayPal will be integrated and promoted as Yahoo!'s payment solution to Yahoo!'s merchants and publishers, which includes the Yahoo! Publisher Network, Yahoo! Search Marketing, Yahoo! Merchant Solutions and other small business services.

Here are some more details on the bigger strategic relationship between Yahoo! and eBay.
"Our consumers will benefit from the combination of Yahoo! and eBay's leading technology and services, providing them with one of the best online experiences," said Terry Semel, chairman and chief executive officer, Yahoo! Inc. "Yahoo! holds a leadership position in all forms of online advertising. This partnership with eBay provides us with a great opportunity to further extend our sponsored search and graphical advertising reach to one of the largest and most active communities on the Web."

"We are thrilled to be working more closely with Yahoo! and we think this agreement represents a great opportunity to benefit our communities and grow our businesses," said Meg Whitman, president and chief executive officer, eBay Inc. "Yahoo! offers an engaged online audience, which drives massive traffic through its rich consumer content and premium services. Working together, we can create more exposure for our properties, which in turn makes them more valuable to our users."

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