In an article on SF Gate, it was reported that after the PayPal spin-off, which is likely to come this year soon, eBay Inc (NASDAQ:EBAY) is frantically looking to develop a new payment technology. For this, it is picking up talent from none other than Apple Inc. (NASDAQ:AAPL).
eBay Inc (NASDAQ:EBAY) hired RJ Pittman, who was at a top position in Apple Inc. (NASDAQ:AAPL) ecommerce and payments department. He is now the chief product officer at eBay Inc (NASDAQ:EBAY) and apparently working on hiring more talent from Apple Inc. (NASDAQ:AAPL). PayPal is one of the most used payment methods across the world. eBay still owns PayPal technically but a spinoff is soon expected after which, eBay Inc (NASDAQ:EBAY) will have to craft out some way to survive in the modern e-payment web world.
The source said that a new hire that eBay Inc (NASDAQ:EBAY) has made is of Bora Chung, who is a graduate of Harvard and has already served in PayPal and some other payment business outlets. eBay can make a strong partnership with PayPal after the spinoff and there were strong indications of that but now, the source claims, the chances of eBay going in with PayPal again are very thin. eBay Inc (NASDAQ:EBAY) is looking to develop an ecosystem of its own to fight Apple Inc. (NASDAQ:AAPL) Pay and other payment methods emerging in the US and global markets. But will eBay be able to get something like PayPal, which is far from possible, at least for the near future.
The source also said that eBay Inc (NASDAQ:EBAY) pouncing upon Apple Inc. (NASDAQ:AAPL)’s talent depicts that there will soon be a new payment method in the market.
Carl Icahn’s Icahn Capital Lp is the largest institutional investor in eBay Inc (NASDAQ:EBAY) with over 30.80 million shares in the company by June 30.