Everyone knows PayPal. Sometimes, we take it for granted because it seems that the system has been around forever. However, this force in the virtual finance was created in its present form only in 2001, which is not an ancient history yet.
While researching PayPal, one can discover a lot of interesting info. For example, little does anybody know that the company that gave birth to PayPal came into existence in 1998 and was called Confinity Inc. Let’s review this incredible tool that we all use and find some fascinating and surprising facts!
Fact#1: The failed start
When Confinity Inc. was established, the company was not actually involved in virtual finance. The main activity of the organization was security solutions of handheld devices. To improve the security, the developers at Confinity proposed to launch a program that allowed money transfer using an app. However, this idea failed shortly after the implementation.
In 2002, just the year after PayPal was launched, the company was purchased by eBay, which needed a simple and effective payment method for the customers. Many of the employees who worked with PayPal from the beginning decided to leave the company because they did not appreciate the new policies introduced by eBay. Some of them became very successful even without PayPal; for example, did you know that well-known YouTube was created by several former PayPal employees?
Fact#3: Different options
American users of PayPal actually enjoy using more benefits than users in other corners of the world. For example, although they can pay for products on the Internet, they cannot cash out their money from the electronic wallet. American users can.
Fact#4: 26 Currencies
Due to a popularity of the service and availability in many countries, today PayPal supports holding balances in 26 currencies of North American, European, and Asian nations.
Fact#5: 20 Awards
According to the official site of the company, PayPal has received more than 20 awards for excellence from business communities and internet industries. The latest award is the 2006 Webby People’s Voice Award for Best Financial Services Site.
Fact#6: Location, location, location
There are a number of PayPal offices around the world, including Germany, Malaysia, Nebraska, Singapore, Texas, India, China, Ireland, the U.S., and many other countries. People of more than 100 nationalities work at the company.
Fact#7: Easy as it gets
The users of the service need to provide only password and email address to register and start receiving and sending payments. PayPal is one of the easiest virtual finance services ever because it does not require a lot of data about the users, so it is used even by students to pay for admission-service.
Digital Trends recently wrote that PayPal processes more than $8,000 in payments every second (on average). This amount was 50 percent less in 2011, so we can expect some serious increase of the present value in a few years.
Fact#9: The Sky’s the limit
If you have a verified PayPal account, you can send as much money from it as you want. However, there is a $10,000 limit on one transaction but it should not upset us too much.
Today many freelances from companies such as Emergencyessays.com claim that PayPal is the best way to receive money internationally. The number of freelancers using it at the moment is… more than 50 million people!
Fact#11: $11 Billion in Revenue
According to the official site of the company, PayPal receives annual revenues around $11 billion. This figure is expected to increase by 10 percent each several years.
Fact#12: >200 markets
Today, PayPal is available in over 200 markets around the world.
Fact#13: 5 billion payments
This is the number of transactions that were performed by 188 million PayPal users in 2015. That’s a lot of payments!
Fact#14: Connection with apps
Not a lot of people know that PayPal stands behind some popular apps, such as Venmo. They are also designed for making and receiving payments, which means that PayPal’s developers are not wasting their time focusing on one platform.
Fact#15: Website Popularity
The official website of PayPal is one of the most visited in the world. At 180 million users in 2015 and many more interested, the math gets really complicated.
Fact#16: Cyber Monday
On the Cyber Monday of 2015, the company provided 450 transactions per second! By the end of the day, there were more than 1.5 million transactions.
There are many people who try to copy the site of PayPal and persuade others to send them money. Reputable sources even provide articles on how to tell the difference between the real and fake site.
Fact#18: Growth Rate
PayPal growth by at least 10 percent per annum while most of other online payment services celebrate success at 3 percent.
Around 30 percent of all PayPal transactions take place using the mobile app.
PayPal does not provide the services to companies associated with drugs, terrorism, violence, etc.
Diana Clark is a digital marketing specialist with more than 5 years of successful work experience in Content Marketing, Social Selling and Web Development. She is a marketing consultant at Collegepaper writing service. Feel free to contact her at Facebook.