PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory.
PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity, a company that developed security software for handheld devices.
In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk. In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on PayPal. That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com, which was renamed PayPal in 2001 and went public in 2002.
It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. eBay spun off PayPal in 2015 to eBay's shareholders. The company ranked 204th on the 2019 Fortune 500 of the largest United States corporations by revenue.
As of 2020, PayPal operates in 202 markets and has 305 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.
PayPal's services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses. Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations.
It is not necessary to have a PayPal account to use the company's services. PayPal account users can set currency conversion option in account settings.
According to Statista, PayPal is the most used online payment service in United Kingdom and Canada, estimated 95 percent of respondents in UK and 86 percent of respondents in Canada.
According to Statista and en.wikipedia