91 Facts About PayPal

PayPal Holdings, Inc is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.

PayPal operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

PayPal was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.

PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity, a company that developed security software for hand-held devices.

PayPal's IPO listed under the ticker PYPL at $13 per share and generated over $61 million.

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In 2005, PayPal acquired the VeriSign payment solution to provide added security support.

In January 2008, PayPal acquired Fraud Sciences, a privately held Israeli start-up that developed online risk tools, for $169 million.

On December 5, 2013, 13 of the PayPal 14 pleaded guilty to misdemeanor and felony charges related to the attacks.

In 2011, PayPal announced that it would begin moving its business offline so that customers can make payments via PayPal in stores.

In 2013, PayPal acquired IronPearl, a Palo Alto startup offering engagement software, and Braintree, a Chicago-based payment gateway, to further product development and mobile services.

PayPal announced that Marcus would be succeeded by Dan Schulman, who previously served as CEO of Virgin Mobile and Executive vice president of American Express.

On July 1, 2015, PayPal announced that it was acquiring digital money transfer company Xoom Corporation.

PayPal spent $25 a share in cash to acquire the publicly traded Xoom, or about $1.

PayPal had 170 million users, as of September 2015, and the focus of PayPal.

On May 17, 2018, PayPal agreed to purchase Swedish payment processor iZettle for $2.

On March 19, 2019, PayPal announced its partnership with Instagram as part of the company's new checkout feature, "Checkout on Instagram".

In June 2019, PayPal reported that Chief Operating Officer Bill Ready would be leaving the company at the end of the year.

On October 20, 2021, Bloomberg reported that PayPal is interested in acquiring Pinterest, with a potential price around $70 a share, there's no certainty the talks will lead to an agreement.

PayPal's shares traded at over $108 per share, and its market capitalization was valued at over $127.

Since July 2007, PayPal has operated across the European Union as a Luxembourg-based bank.

PayPal opened a technology center in Scottsdale, Arizona in 2006, and a software development center in Chennai, India in 2007.

In October 2007, PayPal opened a data service office on the north side of Austin, Texas, and opened a second operations center in La Vista, Nebraska that same year.

In 2011, joining similar customer support operations located in Berlin, Germany; Chandler, Arizona; Dublin and Dundalk, Ireland; Omaha, Nebraska; and Shanghai, China; PayPal opened a second customer support center in Kuala Lumpur, Malaysia, and began the hiring process.

In 2014, PayPal opened a new global center of operations in Kuala Lumpur.

PayPal's services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.

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PayPal app is available online or at the iTunes App Store and Google Play.

One year after acquiring Braintree, PayPal introduced its "One Touch" service, which allows users to pay with a one-touch option on participating merchants websites or apps.

PayPal Credit offers shoppers access to an instant online revolving line of credit at thousands of vendors that accept PayPal, subject to credit approval.

PayPal Credit allows consumers to shop online in much the same way as they would with a traditional credit card.

In 2015 PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau.

From 2009 to 2016, PayPal operated Student Accounts, allowing parents to set up a student account, transfer money into it, and obtain a debit card for student use.

In November 2009, PayPal partially opened its platform, allowing other services to get access to more APIs and to use its infrastructure in order to enable peer-to-peer online transactions.

On October 21, 2020, PayPal announced a new service allowing customers to use cryptocurrencies to shop at 26 million merchants on the network starting in 2021.

In March 2022, PayPal introduced a flat-fee structure for cryptocurrency transactions under $200; transactions over $200 incur a 1.

PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.

The service appealed to auction buyers because they could fund PayPal accounts using credit cards or bank account balances, without divulging credit card numbers to unknown sellers.

PayPal employed an aggressive marketing campaign to accelerate its growth, depositing $10 in new users' PayPal accounts.

Until 2000, PayPal's strategy was to earn interest on funds in PayPal accounts.

For example, PayPal merchants are either required to retain a traceable proof of shipping to a confirmed address or to provide a signed receipt for items valued over $750.

In July 2017, PayPal announced a partnership with Baidu, to allow the Chinese firm's 100 million mobile wallet users to make payments to PayPal's 17 million merchants through the Baidu service.

In January 2015, PayPal ceased operations in Crimea in compliance with international sanctions against Russia and Crimea.

PayPal has disabled sending and receiving personal payments in India, thus forcing all recipients to pay a transaction fee.

In 2012, PayPal hired 120 people for its offices in Chennai and Bengaluru.

On 8 November 2017, PayPal launched domestic operations under PayPal Payments Private Limited and now provides digital payment solutions for merchants and customers in India.

PayPal now has the largest global engineering team in India outside of the US, which is spread over Bengaluru, Chennai and Hyderabad.

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PayPal is available in Israel but is not available in the Palestinian territories.

PayPal said that the closure will affect tens of thousands of businesses and hundreds of thousands of consumers in Turkey.

In January 2017, the PayPal team was scheduled to visit Sri Lanka in mid-January to re-establish links.

In March 2022, PayPal suspended all activities in Russia due to 2022 Russian invasion of Ukraine.

In March 2022, PayPal expanded its services for Ukrainian accounts, allowing them to send and receive money from friends and family.

The main reason is that PayPal have yet to get a permit from Bank Indonesia and Otoritas Jasa keuangan.

PayPal had been unblocked in 3 August 2022 after registering.

PayPal Giving Fund is a registered charity supported by PayPal that streamlines donations to non-profit organizations.

PayPal's marketing includes TV commercials, outdoor advertising, Facebook, and display advertisement.

PayPal provides free analytics to traders about the ways that consumers utilize online payments.

Customers can use PayPal to make purchases by linking their PayPal accounts to their Apple IDs.

Thiel, a founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional-reserve banking.

The most analogous regulatory source of law for PayPal transactions comes from peer-to-peer payments using credit and debit cards.

Basically, unless a PayPal transaction is funded with a credit card, the consumer has no recourse in the event of fraud by the seller.

In 2008, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU.

In Singapore, PayPal holds a stored value facility that does not require the approval of the Monetary Authority of Singapore.

In early 2006, PayPal introduced an optional security key as an additional precaution against fraud.

Previously, PayPal had charged €15 to all its card users without authorization.

In 2003, PayPal voluntarily ceased serving as a payment intermediary between gambling websites and their online customers.

In 2010, PayPal resumed accepting such transactions, but only in those countries where online gambling is legal, and only for sites which are properly licensed to operate in said jurisdictions.

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Since at least 2005, PayPal has maintained an Acceptable Use policy which disallows "transactions involving.

In 2014, PayPal notified subscription service provider Patreon that it was moving to cease integration with Patreon as a platform as the result of Patreon permitting "adult content" on their platform.

PayPal has had several notable cases in which the company has frozen the account of users such as Richard Kyanka, owner of the website Something Awful, in September 2005, Cryptome in March 2010, or April Winchell, the owner of Regretsy, in December 2011.

In September 2010, PayPal froze the account of a Minecraft developer, Markus Persson.

Persson stated publicly that he had not received a clear explanation of why the account was frozen, and that PayPal was threatening to keep the money if they found anything wrong.

In February 2011, PayPal unbanned the account of a website that supports Iraq War resisters after it had enough information to fulfill its know your customer guidelines.

In May 2013, PayPal declined to pay a reward offered in its Bug Bounty Program to a 17-year-old German student who had reported a cross-site scripting flaw on its site.

PayPal wrote that the vulnerability had been previously reported, and chastised the youth for disclosing the issue to the public, but, uniquely, sent him a "Letter of recognition" for the discovery.

In May 2014, PayPal blocked the account of a Russian human rights organisation "RosUznik", which supported political prisoners arrested at Bolotnaya Square.

The lawsuit requests that PayPal be declared a monopoly and thus regulated accordingly.

In May 2015, PayPal blocked an account intended to raise money for the distribution of Boris Nemtsov's report "Putin.

In February 2017, PayPal froze the account of News Media Canada, a Canadian trade association, in response to a payment from The Reminder, a Flin Flon, Manitoba community newspaper, intended to cover the fee for the Reminder's submission of articles for consideration in a nationwide journalism contest run by News Media Canada, including one discussing Syrian refugees.

PayPal cited United States regulations as a reason for flagging the transaction between Canadian entities.

In September 2018, PayPal banned radio host Alex Jones and his website InfoWars, claiming that his site has content that was hateful and discriminatory against certain religious groups.

PayPal discontinued payments to Pornhub models on November 14, 2019, alleging that "Pornhub has made certain business payments through PayPal without seeking our permission".

In September 2020, PayPal issued new terms of service which introduced a fee for inactive accounts in 19 countries.

PayPal sent its clients an e-mail about the updated terms, but didn't mention introducing such a fee.

PayPal faced criticism over their policies related to changing the name on a user's account.

In May 2022, Branko Marcetic wrote in Jacobin magazine that PayPal had cancelled the accounts of a number of left-wing media sites and frozen their funds.

PayPal gave no explanation for its action, but the article linked the cancellations with the media sites' criticism of US policy in relation to the Russian invasion of Ukraine.

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In September 2022, PayPal shut the accounts of the British social commentator Toby Young, and two connected organisations: the Free Speech Union and The Daily Sceptic website.

PayPal argued that the plaintiffs were required to arbitrate their disputes under the American Arbitration Association's Commercial Arbitration Rules.

The court ruled against PayPal, stating that "the User Agreement and arbitration clause are substantively unconscionable under California law.

The following year, PayPal countersued, claiming that Bank One's online bill-payment system was an infringement against PayPal's online bill-payment patent, issued in 1998.

On 21 May 2015, PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau.

The complaint alleged that consumers using PayPal were signed up for PayPal credit accounts without their knowledge nor consent.