PayPal is an online payment platform that has revolutionized the way we process transactions online. It is the most used online payment solution in the world, and has a staggering 227 million users. This article and infographic look at how PayPal has evolved over the years, and why it is such a popular payment platform.
PayPal – a brief history
PayPal was formed in 1998 and is one of the oldest online payment processing solutions. In the early 90’s, PayPal grew considerably in a short amount of time. During some periods, the company was expanding at a rate of 10% per day! In just a few short years, PayPal’s customer base already exceeded millions, and in 2002 the company was acquired by ecommerce giant eBay. As time progressed, the company continued to expand and improve its payment system. Through the 2010’s it has acquired several complimentary companies such as Venmo, Xoom, and VeriSign.
PayPal – why is it so popular?
PayPal is an all-encompassing online payment solution. This payment processing platform offers a variety of different services, and it is renowned for its ease of use and security. Users can sign up to PayPal and register credit and debit cards as forms of payment. They can then complete transactions through PayPal, choosing which card they use.
Aside from online payments, it is also possible to send and receive money with friends and family, and also create business invoices. Many freelancers use PayPal to keep track of their work and create standardized business invoices for their clients, and small businesses like World Market take advantage of it to make payments more secure and convenient for their customers. As you can see, PayPal is diverse and easy to use, and we have listed some of its main benefits below:
- Security: PayPal offers fantastic security to ensure your card details and funds remain safe
- Flexibility: As you can set up multiple payment methods, you have greater transaction flexibility
- For business: As mentioned, you can process invoices and receive business payments
- Convenient: Once your accounts are setup, there is no need to re-enter card details.
- Inexpensive: For payments, there is no transaction fee
PayPal really is a superb system. It is easy to see why this company has such a huge customer base and processes $8,000 in payments every second! The infographic below provides additional information about this payment processing giant:
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