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PayPal

Overview[1]#

PayPal is an American, international digital wallet and Payment Service Provider based e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders.

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.

PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity.

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,[18] 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.

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