PayPal was founded in 1998, at a time when people thought money transfers could never go beyond their bank accounts. However, it set a new trend and has quickly become one of the world’s largest online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
PayPal is now the single most used eWallet in the world. Moreover, it has become a de facto standard for payments in the online world. Every major online store in the world offers PayPal as one of the payment solutions. It also operates as a payment processor for online vendors, auction site, and other commercial users, for which it charges a fee.
In 2017 alone, PayPal is responsible for a transaction over $7.6 billion with over 17 million merchants, over 770,000 websites and 227 million users. It currently supports over 100 currencies and is available in over 202 countries.
The prominent success story of PayPal has inspired many start-ups. Nevertheless, if you still think that transactions cannot go beyond bank accounts, we strongly suggest taking a closer look at our infographic below. Facts and figures speak for themselves; a quick and simplified system like PayPal is what you get by keeping up with times.
