PayPal is a global technology platform and digital payments leader that enables digital and mobile payments on behalf of consumers and merchants. It provides a secure, easy way to send money, make online payments, and accept payments. It is available in over 200 markets around the world and supports 25 currencies. PayPal has over 305 million active customer accounts and processes more than 8 billion payments per year. Its services include merchant services, money transfers, shopping cart integration, and mobile payments. PayPal has a wide range of partnerships with banks, retailers, and other financial institutions. It also supports various payment methods, including debit and credit cards, and digital wallets. PayPal has acquired several companies and brands, including Xoom, Venmo, Braintree, and iZettle.
By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. Also, Paypal is part of the eTrade Alliance and supported by USAID.
PayPal Inc. The global online payments company was founded in 1998. It was initially established as a money transfer service for eBay users but has since become one of the most widely used online payment services in the world. PayPal has been a publicly traded company since 2002 and is headquartered in San Jose, California.
PayPal’s history begins with its founding in 1998 by Peter Thiel, Max Levchin, and Luke Nosek. Originally known as Confinity, the company developed a payment service for Palm Pilot users to transfer funds between each other. Later that year, Confinity merged with X.com, an online banking company founded by Elon Musk. The new combined company was renamed PayPal Inc.
In 2002, PayPal became a publicly traded company listed on the NASDAQ stock exchange. That same year, PayPal launched its “Buyer Protection” program, which allowed customers to receive a refund when their purchases were not as described or not received.
The company was in 2003 when it was acquired by eBay. This acquisition allowed PayPal to become the primary payment method for eBay. This move solidified PayPal’s place in the online payments market and made it the go-to payment method for online shoppers.
In 2015, PayPal also made headlines when it announced its acquisition of Xoom, a money transfer company. This acquisition allowed PayPal to expand its services beyond online payments and into international money transfers. This move further cemented PayPal’s place in the online payments market and opened up a whole new world of possibilities for customers.
In 2018, PayPal announced its partnership with Visa and Mastercard. This move enabled PayPal to become an accepted payment method at brick-and-mortar stores as well as online. This move further increased PayPal’s presence in the payments market and made it more convenient for customers to pay for goods and services using PayPal.
PayPal has become a global leader in the payments industry. The company also continues to develop new features, such as its “One Touch” payment system, which allows customers to complete transactions with a single click. Today, PayPal is one of the largest online payment services in the world, with over 200 million active users in more than 200 markets across the globe. It is a trusted payment provider for businesses, individuals, and charities and is widely accepted by merchants.
“To democratize financial access by empowering people, businesses and organizations to move and manage their money without friction.”
“We believe every person has the right to participate fully in the global economy. We have an obligation to empower people to exercise this right and improve financial health.”
Max Levchin (Founder)
Elon Musk (Founder)
Ken Howery (Founder)
Yu Pan (Founder)
John J. Donahoe (Chairman of The Board)
David M. Moffett (Board Member)
David W. Dorman (Board Member)
Frank D. Yeary (Board Member)
Jonathan Christodoro (Board Member)
Recognition and Awards
Peter Thiel (Founder)
Luke Nosek (Founder)
Financial and Banking