Quiz: How Much Do You Know About PayPal? How many times have we heard of inspiring startup company stories? It’s when simple ideas generate huge successes that the hearts of the public are captivated. True enough, the humble beginnings of online payments company PayPal is worth knowing as well. If not for the innovative thinking of college graduates Peter Thiel, Max Levchin, Luke Nosek and Ken Howery, we wouldn't know PayPal as to what it is today. It was in 1998 when Confinity was launched to the public, lead by co-founders Max Levchin and Peter Thiel. It might surprise you that the initial goal for the launch of this system was to provide for a payment system for Palm Pilot users back then. It was only in 1999 when Confinity merged with X.com, which was founded by Elon Musk.
From Confinity, to X.com and then to PayPal After the merge, X.com was launched to the public. But based upon surveys done with their clients, it was then renamed PayPal, the preferred name of the public. The year 2002 saw the official launch of PayPal, the online payments system that would change the way people see the transferring of money via internet. And as you might have known, this was also the same year that PayPal merged with commerce giant, eBay. However, in 2015, the two internet powers separated ways again.
Let’s make learning about PayPal more fun… PayPal is the world’s first and largest online payment company. It has withstood the test of time. With various smaller peer-to-peer money transfer companies popping up every now and then, it’s no denying that PayPal can give them a run of its money any time. While many online money transfer companies are still expanding their global appeal, PayPal can simply tell them “Been there, done that.” PayPal is not just a payment company, it allows for online shopping and buying of services as well. These are the main features of PayPal that distinguishes it from the others. Its expansiveness and the myriad of things you can do within and outside the website or app are what make people keep coming back to it. But how well do you know PayPal? Do you know about the people behind its success? Do you know the vital facts that make it a leader in its field and industry? So let’s test
your brain, find out just how much do you know about this popular money transfer company who started it all. 1. What is the PayPal Mafia? A. Former PayPal employees who joined mafias after their term with the company. B. Former PayPal employees who became millionaires and billionaires after their term with the company. C. Former PayPal employees who went on to build their own infamous group after their term in the company. D. Former PayPal employees who bought hacked the website after their term in the company. Correct Answer B. Former PayPal employees who became millionaires and billionaires after their term with the company. The PayPal Mafia was coined by the Fortune magazine for the former employees of PayPal who might not be related to the company anymore but has made names for themselves nonetheless. Of course we know about Peter Thiel, one of the largest stakeholders of PayPal before it was sold to eBay. He went on to establish other private ventures and well known for investing in startup companies such as Facebook. His net worth is more than two billion US dollars. Did you know though that the video streaming website YouTube was also founded by three former employees of PayPal? Yup, being part of the famed PayPal mafia, Jawed Karim, Chad Hurley and Steve Chen had also made names for themselves. Although the three have sold their YouTube shares to Google already, they remain startup heroes for many. The popular review website known as Yelp was also founded by former PayPal employees lead by Jeremy Stoppelman and Russel Simmons. Who would forget about Elon Musk? The largest stakeholder of PayPal before it was sold to eBay. After claiming the money from his sold shares, he went on and founded SpaceX. His aim was to make aerospace exploration more affordable for prospective
clients and he did so. Elon Musk also owns Tesla, a leading electric vehicle manufacturer in the US. His net worth is more than nine billion US dollars. 2. How many active user accounts does PayPal have as of 2017? A. 118 Million B. 167 Million C. 186 Million D. 210 Million Correct Answer D. 210 Million According to this statistics website, PayPal has a user base of 210 million. These estimates were up to date, as they were taken this year, 2017, during the second quarter. The merchant accounts alone is around 15 million in number. For the second quarter of 2017, the revenues earned by PayPal exceeded the company’s expectation, from $3.09 billion to an astounding $3.14 billon. As compared to the revenues from 2016, this year’s second quarter revenues increased by over 18%. 3. What type of sourcing fund can you link to your PayPal account? A. Debit Card B. Credit Card C. Bank Account D. All of the Above Correct Answer D. All of the Above
PayPal allows for users to attach any of the aforementioned sourcing funds for their account. Accepted debit or credit cards are Visa, MasterCard, American Express and Discover. Accepted banks vary depending on where you reside but in the US, Chase, Wells Fargo and Bank of America are the most popular ones. You can link up to eight bank accounts or eight cards per account in PayPal. 4. Which of the following messaging apps have integrated PayPal into their platforms for sending money? A. Facebook Messenger B. Skype C. Both A & B D. Only B Correct Answer C. Both A & B Instead of treating one another as enemies, online platforms have started incorporating one another’s services for a holistic client approach. For instance, in 2016, Facebook Messenger updated its platform by including a PayPal bot. As of now, this bot is only available for transactions within the US. Don’t worry though as Facebook is planning to expand this service globally. Similarly, in 2017, Skype introduced its partnership with PayPal. The service is limited to some European countries and US as of the moment. You can send money in various currencies such as USD, EUR, CHF and HKD. But you need both a working Skype account and a verified PayPal account for this to work. 5. Which of the following is not considered as an official platform where PayPal can be accessed? A. PayPal Website (www.paypal.com) B. PayPal App (Android and Apple)
C. Make Money: PayPal Cash App (Android) D. PayPal Me Website (www.paypal.me) Correct Answer C. Make Money: PayPal Cash (Android) All three except the Make Money: PayPal Cash app are recognized platforms where one can access PayPal. The PayPal website is perhaps the most popular means of accessing the money transferring website. You can access it using your laptop or even mobile devices. The PayPal app can be divided into two, the normal app for personal transactions and the business app where merchants can create invoices for their clients. The PayPal Me website allows for users to create their own unique URL where they can send and receive payments in.
So how well did you score in the quiz? It can be surprising to know these facts about the lead money transfer company, PayPal. From the people who went out of the norm to make PayPal a reality, they are the true backbones of the company. From the expansions of the company, which helped it retain the top spot when it comes to transferring money online. And of course the important information that users and clients like us need to know prior to creating an account with the website or even making a transaction with it. Share some questions about PayPal below and let’s see who can answer them correctly from the readers. Ready, set and go!
www.compareremitrates.com