eBay’s first digital wallet

[bruceh1409]

We have been waiting for this to materialize for a few years now

(Investors heard about a new payments feature - eBay’s first digital wallet. Beginning next quarter, sellers will be able to store sale proceeds in their digital wallet, getting near instant access to use those funds to shop on eBay. This is the ultimate eBay flywheel and will power the future of our “sell to buy” shoppers. )

Now we can pay for purchases on eBay with our funds from sales instead of our bank account

Thank you eBay staff for following through with your promises & for listening to our needs

Just another example of if you have an idea & let eBay staff know about it they will pass it on 

[stainlessenginecovers]

After upsetting thousands that used to sell to buy and now left; 

how many are still here to know it's being added. 

Why didn't they state this was coming someday?

[dhbookds]

---

@downunder-61 wrote:

---

@vintagecraze50 wrote:

AND , does THE EBAY BANK pay interest? LOL!

---

Did Paypal?

Genuine question,I always hated PP and never used PP funds to purchase - always sent buyer funds to business bank account ASAP, so no idea if PP did pay interest on funds that were left in there.

---

No paypal did not pay interest in later years...........  Early on, they did (I think you had to have a special account), but I remember getting interest at some point......probably around 2006 or so..........

[dhbookds]

---

@vintagecraze50 wrote:

AND , does THE EBAY BANK pay interest? LOL!

---

There is no question that they are turning into a bank,  in the sense of a formal, legal definition of a bank.............they are NOT.    If you want to think about it as a piggy bank.......sure that can apply.......but  piggy's don't pay interest.......

[kensgiftshop]

---

@metaltech1 wrote:

Will the "digital wallet" be an option.......or mandatory like Managed Payments?

I do not have the greatest faith that eBay holding all monies from sales will go smoothly.  And, the fact that if eBay wants to boot you off the platform, they will be holding ALL your money.

---

Hope it's an option.

I'd rather have my money in my wallet and not theirs.

[readabouthorses]

---

@dhbookds wrote:

---

@vintagecraze50 wrote:

AND , does THE EBAY BANK pay interest? LOL!

---

There is no question that they are turning into a bank,  in the sense of a formal, legal definition of a bank.............they are NOT.    If you want to think about it as a piggy bank.......sure that can apply.......but  piggy's don't pay interest.......

---

Or it won't be held in the eBay bank it will be held in the Bank of Adyen which will also issue you a debit card to use with your wallet at some point in time ... and then the next step will be that the only bank you can use for MP will be the Bank of Adyen.

[dhbookds]

@horses..........   you know, it's easy to pick apart anything with alot of adverse speculation........  MANY on this board have wanted a way to keep the money on/in  ebay..... now they are giving it to those who want to use it..........seems like it would be ok to give them some credit for it........

[readabouthorses]

---

@dhbookds wrote:

@horses..........   you know, it's easy to pick apart anything with alot of adverse speculation........  MANY on this board have wanted a way to keep the money on/in  ebay..... now they are giving it to those who want to use it..........seems like it would be ok to give them some credit for it........

---

I'm not saying it isn't a good idea ... I just don't know if I would trust them holding my money for any length of time. They still owe me $4.00 from when they were Billpoint! LOL

[my-cottage-books-and-antiques · Accepted solution]

@stainlessenginecovers Actually, they've been hinting that it would come as soon as MP was rolled out to everyone. And many of us assumed it would come eventually, because it's in ebay's best interest to do this if at all possible, since it can increase sales velocity on the site.

However, I suspect many who left in a huff over MP would have left regardless. Remember, many of them left because they refused to give up their bank info etc. I don't think the promise of wallet capabilities would have made a bit of difference.

I also think as this capability becomes better known, plenty of people will use it to buy stuff on the site, just as they did with PayPal.

[b86fiero]

I will opt out.

Don't hate eBay nor the idea.  Some members will like it and benefit from it.

I prefer to keep my legally licensed business sales separate from my personal buying.  Imagine combining monies in this manner might cause tax time headaches.

[sextons-sweet-deals]

Wasn't PayPal a digital wallet for us sellers back in the day? We could keep funds in the account or have the option to transfer any amount of funds to our bank when needed.

Sounds like this digital wallet is a spin-off of crypto. Let's be real here! Ebay is making money on this. Not the sellers! 

No wonder for us who are old enough to remember about our Grandparents & great Grandparents stashing money in the mattress. 

[gracieallen01]

@downunder-61 

Ah heck, nothing to worry about.   What could go wrong?

If there is ANY money to be made from it, ebay IS going to make money - is there ANY doubt? 

Sort of like 'Trading Places' - no matter if the client makes money or loses money, Duke & Duke always gets THEIR money (paraphrased).

[krazzykats]

I'm also someone who prefers getting cash back, so I use a credit card for any purchase on eBay.  So, for me to use a digital wallet, it better have some cash incentives such as interest paid to me, or a cashback discount.

[tealt]

I'm sure many/some eBay members have wanted this wallet feature ever since MP came along.  Those members will be happy whenever the wallet rolls out.

But...

This feature is being implemented by eBay software developers?  What could possibly go wrong?

[tools*]

I would never keep money with a bank or company, who on a whim, could hold it hostage for up to 6 months.

And when I buy something on eBay these days I pay with PayPal and a 2% cash back credit card, providing two layers of protection against fraud and eBay, as well as 2% cash back.

[tools*]

---

@dbfolks166mt wrote:

     I prefer to use my CC to purchase on eBay that way I get the 5% cash back on my purchases. I also am not going to leave cash sitting in eBay's wallet for them to earn interest on. PayPal still does this. Maybe a good idea for some but not much benefit there for me from my perspective. 

---

What credit card offers 5% cash back for general purchases?