PayPal enables any business or customer who has an email address to conveniently, securely and cost-effectively receive and send funds online.

The PayPal network is built on the prevailing financial infrastructure of credit card and bank companies to create a globally accepted payment solution that processes payments in real-time and deliver a product that is ideal for online merchants, individuals, small businesses, and others that are underserved by current payment mechanisms.

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In recent years, the company has successfully grown into one of the leading payment methods of purchasing goods and services online.

PayPal, with its hassle-free method of withdrawing funds, purchasing online, and lightning-fast payouts, is no stranger to the online poker community either. We walk you through the rich history of PayPal and include how the company transformed into one of the leading payment methods we all know today.

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We also explain in detail how you can register a PayPal account, reveal the advantages of using PayPal, as well as include a handful of e-wallet alternatives that you can use in the same way as PayPal.

Brief History of PayPal

Contents

Brief History of PayPal
How to Use PayPal for Online Poker?
PayPal Advantages
Frequently Asked PayPal Questions

PayPal was established in 1998 as Confinity, a renowned company that developed security software for both mobile devices and palm pilots. Luke Nosek, Ken Howery, Max Levchin and Peter Thiel formed the company, and in 1999, the company launched PayPal as a currency transfer service through Confinity which was financed by John Malloy, co-founder of BlueRun Ventures.

In March 2000, Confinity joined forces with the renowned X.com, an online banking-based business that was established by Elon Musk. Musk was very enthusiastic about its development and success of Confinity and currency transfer services. Bill Harris, the president and CEO of X.com at that point in time, and Musk disagreed with the Confinity merge which ultimately saw Bill Harris leave X.com in May 2000. By October 2000, Musk chose to close X.com and all other banking ventures to focus purely on PayPal. In 2001, the X.com was re-branded as PayPal and saw rapid expansion within a year. In 2002, the executives made the decision to take PayPal public with its initial listed at $13 a share, generating more than $61 million.

PayPal

eBay Subsidiary: 2002 – 2014

After PayPal’s initial public offering, eBay acquired the company for a staggering $1.5 billion in 2002 along with a price per share of $23, or 76% above the IPO price. More than 70% accepted payments through PayPal in auctions through eBay and every one in four online auctions was transacted through PayPal.

PayPal quickly became used by most eBay customers in a very quick period of time.

The payment solution competed with BidPay, a Western Union company, Billpoint, Yahoo’s Paydirect, Citibank’s c2it, and Google Checkout, all of which closed as time passed.

PayPal managed to acquire VeriSign payment solutions in 2005 to offer additional security support, as well as enlarge its e-commerce business. PayPal then announced a partnership with credit card processing company Mastercard in 2007, thereby leading to the introduction of PayPal’s Secure Card services that allowed customers to make payments online to businesses that did not accept PayPal directly. This was achieved by creating a Mastercard number that was unique for single-use in each checkout. By the end of 2007, PayPal managed to generate more than $118 billion in revenue.

In January 2008, the company acquired Fraud Sciences, a company with expertise with internet risk tools, for over $170 million to ultimately increase the fraud management system of the company. In November 2008, PayPal also acquired Bill Me Later, a famous online payment solution company offering transactional credit to over 9,000 merchants online in the U.S. In the first quarter of 2009, PayPal’s revenue was more than $643 million. In addition, the combined value of online transactions was nearly $16 billion, an overall increase of more than 10%.

In 2010, PayPal has acquired in excess of 100 million customers, supporting more than twenty-five currencies that catered to over 190 markets. During 2011, the famous hacktivist group, known as Anonymous, faced charges for the disruption of PayPal operations. The attack occurred in December 2010, after PayPal stopped processing donations to Wikileaks. In December 2013, thirteen alleged members of the hacktivist group plead guilty to a misdemeanour and felony charges that related to the attack.

In 2011, PayPal announced that it will move its business operations offline in order to allow customers to make PayPal payments in land-based retail stores. In August 2012, PayPal announced a partnership with Discovery Card, allowing PayPal payments to be accepted at the 7 million stores owned by Discovery Card. As 2012 came to an end, PayPal’s total transaction value exceeded $145 billion.

In 2013, PayPal acquired both Braintree, a Chicago-based payment solution gateway and IronPearl, an engagement software company, to further product development and mobile services. In June 2014, David Marcus, PayPalès president at the time, announced that he was resigning from his role as president of PayPal. Shortly after that, Dan Schulman was appointed CEO of PayPal, a man who had previously served as the CEO of Virgin Mobile and Executive Vice President of American Express.

eBay Spin-off

It was announced in September 2014 that PayPal will be separated from eBay into an independently traded company. The spin-off was concluded by July 2015 and saw Dan Schulman as President and CEO along with John Donahoe, a former CEO with eBay, as chairman.

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Brief History of PayPal

eBay Subsidiary: 2002 – 2014

eBay Spin-off

Acquisition of Xoom Corporation