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EBay dumping PayPal for Dutch rival

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EBay announced Wednesday it dropped PayPal as its main payment processor in favor of Dutch rival Adyen.

PayPal shares fell more than 11 percent in after-hours trading on the news.

In 2002, eBay bought PayPal for $1.5 billion. The company then spun off PayPal in 2015.

Read more from CNNTech.

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