Pay. Pal - Wikipedia, the free encyclopedia. Pay. Pal's corporate headquarters in San Jose, California. Bay, Pay. Pal, Kijiji and Stub. Hub in Toronto. Pay. Pal Holdings, Inc. American company operating a worldwide online payments system. Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders.
Pay. Pal is one of the world's largest Internet payment companies.[5] The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee. Established in 1. Pay. Pal had its IPO in 2. Bay later that year.[7][8] It was spun off as an independently traded company in July 2.
In 2. 01. 4, Pay. Pal moved $2. 28 billion in 2.
Bay’s total profits).[9] The same year, e. Bay announced plans to spin- off Pay.
Pal into an independent company by mid- 2. July 1. 8, 2. 01. History[edit]Early history[edit]Pay.
Pal was established in December 1. Confinity,[1. 1] a company that developed security software for handheld devices[1. Max Levchin, Peter Thiel, Luke Nosek and Ken Howery.[1. Pay. Pal was developed and launched as a money transfer service at Confinity in 1.
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John Malloy from Blue. Run Ventures.[1. 4][1. In March 2. 00. 0, Confinity merged with X. Elon Musk.[1. 6] Musk was optimistic about the future success of the money transfer business Confinity was developing.[1. Musk and then- president and CEO of X. Bill Harris, disagreed on this point and Harris left the company in May 2.
In October of that year, Musk made the decision that X. Internet banking operations and focus on the Pay. Pal money service.[1.
The X. com company was then renamed Pay. Pal in 2. 00. 1,[1. Pay. Pal public in 2. PYPL at $1. 3 per share and ended up generating over $6.
Bay subsidiary (2. Shortly after Pay.
Pal's IPO, the company was acquired by e. Bay in July 2. 00. More than 7. 0 percent of all e. Bay auctions accepted Pay. Pal payments, and roughly 1 in 4 closed auction listings were transacted via Pay.
Pal.[2. 4] Pay. Pal became the payment method used by a majority of e. Bay users (it was also the default choice), and the service competed with e. Bay's subsidiary Billpoint, as well as Citibank's c.
Yahoo!'s Pay. Direct, Google Checkout and Western Union's Bid. Pay service, all of which closed in subsequent years. Pay. Pal acquired the Veri. Sign payment solution in 2. In 2. 00. 7, Pay. Pal announced a partnership with Master. Card that led to the development and launch of the Pay.
Pal Secure Card service, a software that allows customers to make payments on websites that do not accept Pay. Pal directly by generating a unique, single- use Master. Card number for each checkout.[2. By the end of 2. 00. In January 2. 00. Pay. Pal acquired Fraud Sciences, a privately held Israeli start- up company with expertise in online risk tools, for $1. Pay. Pal's proprietary fraud management systems.[2.
In November 2. 00. Bill Me Later, an online payments company offering transactional credit at over 9. US.[3. 0] Pay. Pal revenues for Q1 2. Q1 2. 00. 9 were from international markets. Pay. Pal's Total Payment Volume (TPV), the total value of transactions in Q1 2. By 2. 01. 0, Pay. Pal had over 1. 00 million active user accounts in 1.
In July 2. 01. 1, fourteen alleged members of the Anonymoushacktivist group were charged with attempting to disrupt Pay. Pal's operations. The denial of service attacks occurred in December 2. Pay. Pal stopped processing donations to Wikileaks. On December 5, 2. Pay. Pal 1. 4 plead guilty to misdemeanor and felony charges related to the attacks.[3. The company continued to focus on international growth and growth of its Merchant Services division, providing e- payments for retailers on e.
Bay. In 2. 01. 1, Pay. Pal announced that it would begin moving its business offline so that customers can make payments via Pay. Pal in stores.[3. In August 2. 01. 2, the company announced its partnership with Discover Card to allow Pay. Pal payments to be made at any of the 7 million stores in Discover Card's network.[3. By the end of 2. 01.
Pay. Pal's total payment volume processed was US$1. Bay's revenue, amounting to US$1.
In 2. 01. 3, Pay. Pal acquired Iron. Pearl, a Palo Alto startup offering engagement software,[3. Braintree, a Chicago- based payment gateway, to further product development and mobile services.[4.
In June 2. 01. 4 David Marcus announced he was leaving his role[4. Pay. Pal President; Marcus joined Pay. Pal in August 2. 01. Zong, of which he was the founder and CEO.[4. David Marcus succeeded Scott Thompson as president, who left the role to join Yahoo.[4. Pay. Pal announced that Marcus would be succeeded by Dan Schulman, who previously served as CEO of Virgin Mobile and Executive vice president of American Express.[4. Spin- off from e.
Bay[edit]It was announced on September 3. Bay would spin off Pay. Pal into a separate publicly traded company, a move that was demanded already in 2. Carl Icahn. The spin- off was completed on July 1.
Dan Schulman is President and CEO, with former e. Bay CEO John Donahoe serving as chairman.[4.
Acquisition of Xoom Corporation[edit]On July 1, 2. Pay. Pal announced that it was acquiring Xoom Corporation. Pay. Pal spent $2. Xoom, or about $1. The deal was closed in the fourth quarter of 2.
The move strengthened Pay. Pal’s international business, giving it access to Xoom’s 1. U. S. customers that sent about $7 billion in the 1. March 3. 1 to people in 3. Pay. Pal. Me[edit]On September 1, 2.
Pay. Pal launched their peer- to- peer payment platform "Pay. Pal. Me," a service that allows users to send a custom link to request funds via text, email, or other messaging platforms.[4. Custom links are set to be structured as Pay. Pal. me/username/amountrequested.[4. Pay. Pal. Me was launched in 1. United States, United Kingdom, Germany, Australia, Canada, Russia, Turkey, France, Italy, Spain, Poland, Sweden, Belgium, Norway, Denmark, Netherlands, Austria and Switzerland.[4. Pay. Pal currently has 1.
September 2. 01. 5, and the focus of Pay. Pal. Me is to create a mobile- first user experience that enables faster payment sharing than Pay. Pal's traditional tools.[4. Offices[edit]. Pay. Pal Operations Center and main office in Omaha, NEPay. Pal's corporate headquarters are located in San Jose, California,[3.
Bay's North First Street satellite office campus.[4. The company's operations center is located in Omaha, Nebraska, which opened in 1. Since July 2. 00.
Pay. Pal has operated across the European Union as a Luxembourg- based bank. The Pay. Pal European headquarters are located in Luxembourg and the international headquarters are in Singapore. Pay. Pal opened a technology center in Scottsdale, Arizona in 2. Chennai, India in 2. In October 2. 00. Pay. Pal opened a data service office on the north side of Austin, Texas,[5.
La Vista, Nebraska that same year.[5. Services[edit]As of 2. Pay. Pal operates in 2. Pay. Pal allows customers to send, receive and hold funds in 2. Pay. Pal's services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.[5. Through Pay. Pal, users can send or receive payments for online auctions on websites like e.
Bay, purchase or sell goods and services, or donate money or receive donations. It is not necessary to have a Pay. Pal account to use the company's services.[5. Pay. Pal launched Student Accounts for teenagers in August 2.
The program provides tools to teach how to spend money wisely and take responsibility for actions.[5. In November 2. 00. Pay. Pal opened its platform, allowing other services to get access to its code and to use its infrastructure in order to enable peer- to- peer online transactions.[5. In 2. 00. 8, Pay. Pal acquired the online credit product Bill Me Later, Inc. Pay. Pal Credit, and provides services for Comenity Capital Bank, the lender of Pay.
Pal Credit accounts. Founded in 2. 00. Bill Me Later is headquartered in Timonium, Maryland, with additional offices in Hunt Valley, Maryland, Chandler, Arizona and San Francisco, California. Pay. Pal Credit offers shoppers access to an instant online revolving line of credit at thousands of vendors that accept Pay. Pal, subject to credit approval.
Pay. Pal Credit allows consumers to shop online in much the same way as they would with a traditional credit card. The rebranding of Bill Me Later as Pay. Pal Credit also means that consumers can use Pay. Pal Credit to fund transactions virtually anywhere Pay. Pal is accepted.[6. In 2. 01. 5 Pay. Pal agreed that Pay. Pal Credit would pay a $2.
Federal Court by the Consumer Financial Protection Bureau.[6. The Pay. Pal app is available online or at the i. Tunes App Store and Google Play. One year after acquiring Braintree, Pay. Pal introduced its "One Touch" service, which allows users to pay with a one- touch option on participating merchants websites or apps.[6. On November 2. 8, 2. Pay. Pal reported Black Friday brought record mobile engagement including a 5.
Black Friday 2. 01. In 2. 01. 2, the company launched "Pay. Pal Here," a small business mobile payment system that includes a combination of a free mobile app and a small card- reader that plugs into a smart phone.[6.
Pay. Pal launched an updated app for i. OS and Android in 2. Pay. Pal payments, order ahead at participating venues, and access their Pay.
Pal Credit accounts (formerly known as Bill Me Later).[6. Business model evolution[edit]Pay. Pal's success in users and volumes was the product of a three- phase strategy described by former e.
Bay CEO Meg Whitman: "First, Pay. Pal focused on expanding its service among e. Bay users in the US. Second, we began expanding Pay. Pal to e. Bay's international sites. And third, we started to build Pay. Pal's business off e.
Bay."[6. 5]Phase 1[edit]In the first phase, payment volumes were coming mostly from the e. Bay auction website.
The system was very attractive to auction sellers, most of which were individuals or small businesses that were unable to accept credit cards, and for consumers as well.