PayPal is an American live payment company among the first to hit the internet. It was established in 1998. The brains behind the company, then known as Confinity, were Elon Musk, Peter Thiel, Yu Pan, Max Levchin, and Luke Nosek. This seemingly small company incubated in San Jose, California, would later grow into a global brand. Its headquarters remain in California with a La Vista, Nebraska-based operative capital.
The company took of mightily well from the start. By 2002, it was issuing an IPO. By then, it had changed its name to X.com and then PayPal. Around that time, it was taken over by e-Bay who oversaw its growth for the next 13 years. In 2015, PayPal reverted to being a stand-alone company.
PayPal's Claim to Fame
The company was created at the turn of the century, heading into the digital era. The concept of a 'global economy' was still foreign to many people. Nevertheless, it came as a blessing to people who found sending money across geographical borders difficult. As it eliminated hurdles like long transfer durations, high cost, and risk of loss, the adoption of PayPal as a means to send money was fast and consistent.
Soon after, people started viewing it as a trading tool. It allowed people to make payments online and have goods shipped without cumbersome paperwork. The company has grown over time in both size and capability. Today, it is available in around 200 countries and regions. It supports more than 25 countries and works with local banks for easy currency conversion in most areas. There are 361 active PayPal users today.