PayPal was founded in the December of 1998 as Confinity. Back then, the company developed security software for all the handheld devices. It was in March of 2000 that Confinity had a breakthrough merger with X.com which was an online banking company. Further in October, the two had made it clear that X.com will terminate all its other Internet banking operations and lay its sole focus on the monetary service of PayPal. That’s when X.com was rechristened to PayPal in the year 2001. Ever since then, there was no looking back for PayPal. It expanded thoroughly and the IPO of the PayPal was listed at $13 per share. This went on generating about $61 million. Now, every year we see a new feather attached in the cap of PayPal. Paypal puts its customers at the centre of everything that it does. It has been continually working towards a revolution in the area of digital payments. More or less, it has been successful in achieving the same. Reports suggest that in the year 2015, about 28% of the 4.9 billion payments were made using a mobile handset. PayPal has been successful in giving people the better ways to connect to each other and conduct their monetary transactions safely. It helps people access the money and gives them a unique payment option. As of today, PayPal has over 179 million active customer accounts. To ensure safe and easy payments for these customers, PayPal has created a secure yet open payment ecosystem. This ecosystem can be used by both individuals as well as the business houses to securely transact over the internet both in the stores as well as the mobile devices. Surprisingly, PayPal is a true global platform that is open for use in over 200 markets. It allows the customers to be paid in some 100 currencies. Further, the customers can also withdraw these funds to their bank accounts. This,however, is possible only in 57 currencies. Moreover, the customers can also hold the balances in their individual PayPal accounts in some 26 currencies.
The services of the PayPal allow the users to make the financial transactions using the internet by its facility of transferring the funds electronically between the business houses and the individuals. Using PayPal, you can make or receive payments even for your online auctions that you might have made on marketplaces like eBay. Further, you can also use your PayPal funds to buy or sell the goods and the services or to send or receive donations. Surprisingly, you can use the services of PayPal without having a PayPal account. In the August of 2009, PayPal also launched a Program for Students. In this program, the parents could set up an account for the students and transfer money in it for the productive use of their children. The students could also attain a debit card for this purpose. PayPal understands that technology is expanding and people believe in tech friendliness. To keep up with that fact, it has come with an application that is available for easy download on all platforms like iTunes and the Google Play store. You can download this application and make or receive payments without any hassle. One year post the acquisition of the Braintree, PayPal came up with its exclusive, ‘One Touch Service.’ This is an extremely helpful and time saving service that allows the users to pay using one-touch option when using any app or any other participating merchant website.