Online retailer eBay has entered a new agreement with PayPal to offer payment services on its e-commerce platforms until July 2023.

As part of the agreement, the online retailer will allow PayPal as a payment option on the Ebay’s new intermediate payments model.

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eBay president and CEO Devin Wenig said: “PayPal has been a great partner for eBay, and as part of our new payments experience PayPal will continue to be a key form of payment for our global customers.

“We are pleased to continue to offer PayPal as a form of payment on eBay and look forward to a continued, strong partnership with PayPal going forward.”

“We are pleased to continue to offer PayPal as a form of payment on eBay and look forward to a continued, strong partnership with PayPal going forward.”

The new agreement follows PayPal’s existing operating partnership with the online retailer to offer comprehensive payment solutions to buyers on the eBay marketplace.

Services offered by PayPal on the marketplace include payments through the PayPal payment button, and value-added services such as fraud detection and buyer protections.

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PayPal Holdings president and CEO Dan Schulman said: “We are proud to have extended our relationship with eBay and our commitment to build on more than 15 years of collaboration and innovation with a great partner.

“We are excited to continue to provide our millions of mutual customers with innovative, trusted and seamless PayPal payment experiences.”

Established in 1995, eBay currently operates three platforms in the online retail space, including Marketplace, StubHub and Classifieds.

The PayPal platform, available in more than 200 markets worldwide, allows customers and merchants to receive money in 100 currencies, withdraw funds in 56 currencies and hold balances in PayPal accounts in 25 currencies.