PayPal CFO John Rainey said Thursday there's been "misplaced concern" around eBay's announcement that sent PayPal shares tumbling.
EBay said Wednesday it will replace PayPal as its primary payments processor by 2021, an announcement that knocked PayPal down as much as 12 percent.
"There is nothing about yesterday's announcement that wasn't anticipated by us," Rainey told CNBC's "Squawk Alley." "This is simply the next chapter."
PayPal will still be available on the site as one of the payment options, but it may see a dip in transactions as eBay offers customers the ability to use Dutch payments processor Adyen.
Shares of PayPal struggled to recover Thursday, paring losses to $79.42 in afternoon trading.