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PAYPAL
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A safe way for your online shopping.
is an American company that operates around the world an online payment system that supports transfers of money between users and serves as an electronic alternative to traditional payment methods such as checks and money orders. PayPal is one of the largest Internet payment companies in the world. [1] The company operates as a payment processor for online merchants, auction sites and other commercial online users and even physical merchants, [2] for which charges a percentage of commission and fee.
It was initially founded under the name Confinity [5] in 1998 by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery. In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk. [6] After its merger with X.com, in 2001 it was renamed PayPal. [7] Worth it note that they still have the x.com domain
One of its first headquarters was 165 University Avenue in Palo Alto, California, where several Silicon Valley companies began. In principle, PayPal was a service for money transfers via PDAs. But the payment on the web became a more palatable business. An aggressive marketing campaign offering $ 10 first and then $ 5 for registering in the system, caused the growth to be meteoric: between 7 and 10% a day between January and March of 2000. [8]
eBay bought PayPal in October 2002, when it was already the payment method used by more than 50% of eBay users, and the service competed with eBay's own system, BillPoint.
In 2014, PayPal moved 228 billion dollars in 26 different currencies through more than 190 countries, which generated a total income, 7.9 billion dollars (44% of the total profits of eBay). [9] same year, eBay announced the plans of separation of PayPal in an independent company in the middle of 2015 and was completed the 18 of July of 2015.
Its last active competitor was BidPay, which closed on December 31, 2005 and relaunched in 2006 under Cyber Source, after the Citibank service was closed in 2003 and the Yahoo !, PayDirect service was closed in 2004 .
Currently its closest competitors are Neteller, AlertPay, Moneybookers, Google Checkout, Apple Pay and MercadoPago (in Latin America). Alipay, Alibaba Group's online payment system, has been able to outperform PayPal and Apple Pay as a mobile payment platform. [11]
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