PayPal is one of the world's largest internet payment companies. The company operates as an Acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.
Established in 1998, PayPal In March 2000, Confinity merged into X.com, an online banking company founded in January 1999 by Elon Musk. Musk was optimistic about the future success of the money transfer business Confinity was developing. Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000.
In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on PayPal. That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com, which was renamed PayPal in 2001 and went public in 2000 as (NASDAQ: PYPL) at $13 per share and generated over $61 million and became a wholly owned subsidiary of eBay later that year.
In 2013, PayPal moved $180 billion in 26 currencies across 193 nations, generating a total revenue of $6.6 billion (41% of eBay’s total profits). In 2014, eBay announced plans to spin-off PayPal into an independent company the following year.
More Information#There might be more information for this subject on one of the following:
- Corporate Censorship
- Identity Toolkit
- OAuth and OIDC Adoption
- Open Identity Exchange
- Person-to-Person Payments
- Peter Thiel
- Social Login
- Web Blog_blogentry_030315_1
- Why OpenID Connect