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EBay purchases VeriSign's payment processing business

By - Source: Tom's Hardware

The move was seen as letting PayPal, already the largest online payments company, expand faster beyond its core audience of eBay-based transactions and to compete better with credit cards as an online-payment system, analysts said.

VeriSign’s payment gateway software connects Web businesses with payment processors generally run by major banks. VeriSign also is the dominant supplier of software used to manage secure credit card transactions between consumers and Web sites.

PayPal said the payment gateway business would generate an incremental $100 million of revenue for it in 2006.

(Reuters)

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