PAYPAL: HISTORY AND FACTS
RAZI SALIH
PAYPAL: HISTORY AND FACTS PayPal launched more than two decades ago in 1998, establishing itself as one of the first digital payment platforms. More than 20 years later, PayPal continues to dominate the digital payment landscape despite there being far more competition.
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Confinity
eBay Ownership
The platform that would become known around the world as PayPal initially launched under the name of Confinity, founded by Peter Thiel and Max Levchin on the premise of providing effortless, low-cost digital transactions for businesses and consumers.
In 2002, PayPal was bought for $1.5 billion by online auction site eBay. eBay retained ownership of the brand until 2014, when shareholders demanded a parting of ways. The market value of PayPal reached $49 billion the day the company relaunched as a single, publicly-traded entity.
The company name was altered to PayPal in 2000, after the founders decided to focus solely on internet payments.
Today there are more than 286 million active PayPal user accounts, dealing with a total of 9.9 billion payments in the year 2018 alone.
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