PayPal is an electronic payment system that replaces conventional transactions in the form of checks and money transfers. Having PayPal, like you have an online account that can be used to buy products and receive funds from people who have a PayPal account or credit card.
What makes PayPal so liked, you can access your account anywhere and anytime, make a payment with a source of funds from either a credit card, debit card or bank account. Although not specifically intended for sellers, PayPal makes it easier for managers of online stores, service sellers and others to offer alternative payments to their customers.
In addition, you can send money to other PayPal account users by email in lieu of account numbers. Now, PayPal has been used by more than 179 million active users with a range of 200 markets and 100 types of currencies throughout the world.
The history of PayPal begins with a company called Confinity which was founded by Peter Thiel and Max Levchin in 1998. Officially, PayPal began launching as a new payment system service in 1999 funded by John Malloy from BlueRun Ventures. A year later, in March 2000, Confinity joined Xon made by Elon Musk.
In June 2000, PayPal continued to develop itself by introducing a new type of account intended for business users. This type of account is specifically for users who record high transaction volumes at a fee for each transaction. At the end of 2001, more than one-fifth of the 12.8 million PayPal accounts were upgraded to business types.
As he continued to walk the sweet path, Elon Musk and ranks later changed the name PayPal to PayPal Inc. and officially stepped on the trading floor in 2002 with a value of $ 13 per share and managed to raise an investment of $ 61 million. Shortly after the IPO, PayPal was immediately applied by eBay in July 2002 with a dowry of $ 1.5 billion. Now, more than 70% of stalls on eBay use PayPal as a payment tool.