PayPal

Reviewed by Annapoorna | Updated on Aug 27, 2020

Introduction to PayPal

PayPal refers to an electronic commerce (e-commerce) company that allows payments between parties via online fund transfers. PayPal facilitates customers to set up an account on its platform, which is connected to a user's credit card or checking account. On the confirmation of the identification and proof of funds, a user may start making or receiving the money to and from other PayPal users.

PayPal strives to make online purchases safer by providing a payment form that does not require the payor or payee to reveal credit card or bank account numbers.

How does PayPal operate?

PayPal came to limelight when it emerged as a payment facilitator for eBay auctions. The service turned out to be so popular that eBay decided to acquire PayPal in 2002, appointing it as the official transfer service for its website. In 2015, PayPal split up as an independent company.

In terms of revenue, the company stands at 222nd position on the Fortune 500 in 2018 of the largest United States corporations. As of 2020, PayPal functions in 202 markets and has 305 million active and registered accounts. PayPal helps customers to send, receive, and hold funds in a total of 25 currencies worldwide.

PayPal's services enable people to make financial transactions online by granting the ability to for fund transfer electronically between individuals and businesses. Users will be able to send or receive payments for online auctions on websites such as eBay. It, therefore, allows the purchase or sell goods and services, or donate money or receive donations. e-Bay users do not need to have a PayPal account to use the company's services. PayPal account users can fix the currency conversion option in account settings.

Quick Facts about PayPal

PayPal Holdings Inc. is a company that operates a worldwide online payments system. It is based out of America. It promotes online money transfers and acts as an electronic alternative to conventional paper methods like checks and money orders.

  • Customer service: 1800 419 9833

  • Stock price: PYPL (NASDAQ) US$123.91 +1.64 (+1.34%)

  • (As at 4.00 pm of 19th February 2020 GMT-5)

  • Founded: December 1998, Palo Alto, California, United States

  • Parent organization: eBay (2002–2015)

  • CEO: Daniel Schulman (Jul 2015– Present)

  • Subsidiaries: Venmo, Xoom Corporation, Braintree, iZettle, Honey, Tradera, and many more

  • Founders: Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, Yu Pan