Paypal Debit Card

Paypal Debit Card

Background of PayPal In 1998, two men Peter Thiel and Max Levchin founded a company called Confinity.  The main focus of the company was Palm pilot cryptography.  Meanwhile, X.com was being born in January 1999.  The main focus of X was financial services including payments by email.  However, it is important to note that, in addition to the email payments functionality, X offered bank accounts through one partner and money market funds through another partner, however X was never itself a bank (Denton). It was founded and run by Elon Musk.   Confinity and X merged in March of 2000 and became PayPal in 2001 when it was to decided to sync up the name of the company with the name of the product (Denton).   According to PayPal's website, the company has more than 153 million accounts worldwide and is capable to deal with 17 different currencies.  It is the top global leader in online payment solutions. PayPal and eBay In 1995, an auction site was founded by Pierre Omidyar. It was called AuctionWeb. In late 1996, the company entered into its first third-party licensing deal, with a Electronic Travel Auction to use SmartMarket Technology to sell plane tickets and other travel products.  In September of 1997, AuctionWeb changed its name to eBay.  In 2002, eBay announced that it was going to buy PayPal for a worth of 1.5 billion dollars.  The acquisition was finalized in October of that year.  At the time, PayPal stated that 60% of their transactions were from EBay auctions (EBay Pays for PayPal).  The other 40% of their business came from small online merchants.  EBay hoped to increase that number.  With the two companies combining, EBay had complete control over the online payment processor.  They concluded that this would aid their customers and make both systems easy to use at once.  “We both empower people to buy and sell online,” said Meg Whitman, President and CEO of eBay. “Together we can improve the user experience and make online trading more compelling. (ebay inc.)”  The integration will fundamentally strengthen the user experience and allow buyers and sellers to trade with greater ease, speed and safety (ebay inc).