The world has developed rapidly thanks to innovative tech in the 21st century. PayPal is a financial online service that allows for money transfers and it could be within a region or an intercontinental transaction. This is one of the biggest North American companies according to their market capitalization.
With the coming of this service, the fintech industry saw a tremendous revolution. It replaced checks and money orders making it convenient for people to perform seamless transactions online.
The major downside of the online platform is the chargeback fees which are hefty and account limitations. Online business owners, especially those in the eCommerce niche are no strangers to these chargebacks. Also, anybody’s account could be suspended or limited for up to 180 days at any point in time.
The issue of account limitations is one of the biggest problems its users face and it seems in the nearest future, nothing might be done about it.
PayPal Wiki and History
The history of the company dates back to 1998 with Peter Thiel meeting up with Max Levchin at Stanford University in August. Four months later, both of them together with Luke Nosek founded the company which was originally named Confinity.
The original purpose of Confinity was to develop security software for different handheld devices. In 1999, the company switched from that business model to another which was a digital wallet to receive payment across the internet.
The early 2000s was a defining period for the company especially in March 2000. Elon Musk had earlier developed an internet banking platform which was then called X.com which he merged with Confinity in March 2000. That same month, the company passed its 1 million customers mark. Seven months later, Elon Musk replaced Peter Thiel as the CEO of the company while X.com terminated all of its operations and focused on Confinity.
In 2001, the name was officially changed from Confinity to PayPal and a year later it went public on NASDAQ with an IPO price of $13 and a ticker name of PYPL. The same year the company went public, e-commerce giant eBay bought out the company for $1.5 billion.
By April 2006, the payment platform had crossed the 100 million customers mark and in 2008, they already crossed 150 million customers.
In 2014, the company split up with eBay and started trading as a separate trading company. On its first day after the split, the company made up to $49 billion on a single day.
Between 2015 to 2019, the company acquired a total of 12 companies. In 2015, PayPal launched its peer-to-peer (P2P) platform which is PayPal.me.
|Listed on NASDAQ as PYPL|
|San Jose, CA, United States of America.|
|More than 21,000|
PayPal Sign Up
Not all countries can sign up for PayPal services. Some countries are allowed to send out payments but cannot receive with payments.
If you are eligible, after clicking here you will be asked if you want to create a personal or a business PayPal account.
Choose your country and follow prompt. You will later be asked to verify your PayPal with your credit card. The PIN might take a while before it arrives. You can then start using your PayPal to send and receive payments.
PayPal Credit Card
The credit card used by the company is to make online transactions easier and more seamless. Synchrony Bank s behind all of its credit cards and to be eligible for the PayPal Credit card you will need a minimum credit score of 700.
The platform offers two major types of cards with subtypes under. They are
- Credit Cards, Digital Credit Line & Installments.
- Debit & Prepaid Cards.
You can find more here.
Here are some frequently asked questions regarding the credit card below.
How do I get a PayPal Credit Card?
- To get your own credit card, visit the official website.
- Explore all of the types of cards they offer.
- Apply for any you are eligible for.
- Your card would be delivered to you.
Is the PayPal credit card worth it?
The credit card is worth getting because of the benefits you get to enjoy such as paying $0 annual fees for the card.
Who qualifies for PayPal credit?
Anyone with a credit score of 700 and above.
PayPal Net Worth
The estimated net worth of the company stands at $65 billion. Their total asset is worth $70.379 billion and they reported net revenue of $5.46 billion.
David is a content writer with interests in fields like politics, tech, and finance. David has been writing since he was a little kid (only the Universe knows the exact year 😊 ). Writing has been a passion for a long time and now it is a profession for him. He is the brain behind Mafian Media, the parent company to media sites such as Zimapp.com