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Paymate Invited to Be Playmate with eBay U.S.

Small Aussie firm will offer credit card payment services

From Australian IT News:

Online auction giant eBay has invited a small Australian company to offer payment services on its U.S. website, opening the door to a $US25 billion ($34.6 billion) market.

While eBay has a local presence, it was its U.S. parent, ebay.com, that called on Sydney-based Paymate to become one of its first international payment partners.

Paymate will initially offer a credit card payment service that Americans selling on ebay.com can use to accept U.S. dollar payments via Visa and MasterCard.

Paymate makes money through charging sellers a small percentage of each transaction.

eBbay has its own electronic payment facility called PayPal, but the online behemoth has increasingly had to open the door to competing payment systems to satisfy customers.

Paymate does not have to pay eBay any fees to be listed as a payment provider on ebay.com.

"We've been wanting to penetrate the US market for some time and it's hard to go at it alone so partnering with a company like ebay.com is really good," Paymate managing director Dilip Rao said.

"The site of ebay.com is about $US25 billion. If we could get even a small slice of that it would be a big deal."

eBay first approached Paymate last August and both companies have since been busy with integration work. Mr Rao expects Paymate to be available on ebay.com in mid-February.

A LATE ADDITION TO THIS STORY - It has been made public that another payment platform, Moneybookers, has also been added to eBay's U.S. payment system.

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