10 years for Paypal

10 years ago fewer people dreamed of sending and receiving money all around the world through a single click of a mouse button. It was June 23, 1998 when Paypal was borne to make it possible. The idea of Paypal founders, Max Levchin, Peter Thiel and Luke Nosek, was to allow the shoppers to buy an item online without sharing financial information, and at the same time, enable retailers, small-business owners and individuals a guaranteed quick and sure payment for a small fee.

Since the takeover by eBay, an online auction house, in 2002 Paypal made more than 60 million active accounts in 190 countries and 17 currencies around the world. The company has carved a niche for itself in the online payments market and is now the most popular alternative to long-established leaders Visa and MasterCard.

On the occasion of its 10th anniversary Paypal officially launched a micro-site, https://www.paypal-10.com/, featuring a series of video interviews with PayPal's founders and others key officials who played important roles in the company's history.

Future lies ahead

With the rapidly increasing use of online purchasing worldwide the use of PayPal service is slated to grow even more in the future. According to a study released by Javelin Research & Strategy in September 2007, the alternative payment methods like PayPal will increase to gain 30% of all online transaction volume by 2012.

A survey conducted by PayPal shows that 84% percent of US respondents have been shopping online for five or more years and 87% report that they shop via the Web at least once a month. It is the most popular online payment service in Britain, with more than 20 million registered users. At present PayPal has 7,000 employees worldwide. In the first quarter of 2008 Paypal posted revenue of $582 million, a 32 % rise from last year.

Some Paypal Facts

• Paypal processes around US $2,000 every second in payments.
• PayPal payments represent about 9 percent of e-commerce globally and 12 percent in the U.S.
• It operates in 190 countries and transfer money in 17 currencies.
• It operates more than 60 million active accounts through which it transacted $47 billion in 2007.
• More than 100,000 websites accepts the service of Paypal.