What is PayPal? - Online Money Transfer Platform


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1. What is PayPal?

PayPal is an American software platform which allows individuals and enterprises to send and receive money. PayPal operates in almost all the countries in the world to send money but there are some countries which PayPal doesn't accept users to receive money due to the local government regulations.

PayPal is extremely popular among the entrepreneurs and small, medium businesses because the fees are low and it's possible to access the money transferring to almost anywhere into the world with simple steps.

2. History

PayPal was established in December 1998. The initial name of the company was Confinity which develop security software for handheld devices. Confinity was founded by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery. PayPal was developed as a product of Confinity which was to cater money transfer service in 1999.

A company which was founded Elon Musk named X.com which was a digital and online banking company. After Elon Musk got to know about the PayPal project from Confinity, he wanted to merge the business with PayPal and operate together to achieve a common goal which was to provide online money transferring platform and digital wallets.

Company was renamed as PayPal in 2001 and Elon Musk appointed Peter Thiel as the CEO. PayPal went public on 2002 on NASDAQ Stock Exchange under the code of PYPL. PayPal is currently headquartered in San Jose, California, USA.