PayPal is the most widely used eWallet. When it was created in 1998 – the era of checks – PayPal has deemed the worst business concept, but it has proven its theory correct.
Nowadays, no buying experience is considered complete until PayPal is included. Consider purchasing at TJ Maxx; while TJ Maxx offers high-end fashion for up to 60% off original pricing – which is already more than reasonable – using PayPal services to make a transaction can also save you money on fees.
PayPal is one of the safest ways to buy eGift cards from a variety of businesses all over the world. In addition to the security guarantee, you can earn extra points on most brands when you pay using PayPal.
To demonstrate how far PayPal has progressed, there are now many Groupon deals, including payments processed through PayPal. In reality, all PayPal users are always eligible for a Groupon discount. This shows that PayPal is one of the most well-liked payment systems in the world of online transactions.
This online payment system, intended to be an alternate online shopping payment system, has quickly become the most popular business method. Today, almost all internet merchants accept PayPal payments. World Market, for example, is a high-quality furniture retailer that takes pride in partnering with PayPal and providing its clients with the ability to transfer online payments safely.
At the same time, PayPal is always looking ahead, inventing new technology to better its services and remain ahead of the competition. Cryptocurrency investing, bill sharing and budgeting tools are among its most recent inventions.
Elon Musk, Peter Thiel, Max Levchin, and Reid Hoffman are among the four billionaires who have emerged from the organization. This company’s importance as a catalyst for the fintech industry cannot be overstated.
Furthermore, two of the world’s most well-known brands, LinkedIn and Tesla Motors, created by Reid Hoffman and Elon Musk, were inspired partly by PayPal’s success.
PayPal, which has been around for over two decades, is now a well-known name in the worldwide finance market, giving it a significant competitive advantage. It is now valued at more than $220 billion.
Nonetheless, competition is heating up, and PayPal must keep inventing to remain competitive. It remains to be seen if it can maintain its position as the most valuable fintech brand in the world by next year.
Millions of people use PayPal for a variety of reasons. PayPal offers thousands of other perks, facilitating one-click money transfers and maintaining security when sending money from one location on Earth to another. This article details how PayPal got from the bottom to the top.
Also Read: Evolution Of FinTech
How did PayPal’s story start? (1998)
Confinity Inc. was founded in 1998 by Ken Howery, Luke Nosek, Max Levchin, and Peter Thiel. The company’s goal was to create secure software for financial transactions on personal devices.
The merger of X.com and Coinfinity (Early 2000)
Elon Musk launched a merger between PayPal’s two parent firms, Confinity and X.com, his online banking company, in 2000. Musk focused mainly on Confinity’s money-transfer operations after realizing they were more profitable than X.com’s.
When was PayPal established? (Late 2000)
PayPal, as we know it today, debuted in October 2000. It achieved meteoric popularity in its early stages, owing mainly to the use of recommendations and the payment of tiny amounts of $20, $10, and eventually $5 for signing up. During this time in its history, the company had daily growth of about 10%.
NASDAQ Initial Public Offering (Early 2002)
PayPal entered the realm of publicly traded firms in 2002. The same year, PayPal shares increased by 55% on the NASDAQ. It was regarded as a tremendous profit for a start-up like PayPal. PayPal captured the world’s attention by achieving such massive success in such a short period.
Mergers, Acquisitions, Delisting, and Relisting on Stock Exchange (Late 2002 – 2022)
EBay owned PayPal in July 2002 for the princely sum of $1.5 billion. The deal helped spread the word about PayPal even faster, allowing the company to grow significantly larger as eBay’s first payment choice.
PayPal paid $800 million for the Braintree payment gateway in 2013.
Carl Icahn, a PayPal activist and investor, launched a large public campaign in 2014 asking that PayPal be separated from eBay.
PayPal was relisted as a public company in 2015.
On its first official day of trading as a public corporation again, PayPal’s market value soared to $49 billion, exceeding eBay’s market value.
PayPal’s market capitalization was over US$210 billion in early 2022. This year, it was also ranked first in our Top 100 Fintech Companies ranking.
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