Who doesn’t know PayPal? It’s one of the pioneer powerhouse in global virtual finance. In 1998, the organisation came into existence, and was known as Confinity Inc. The collaboration of software developers and fiscal administrators brought up the result in shape of PayPal by 2001. The company went public in 2002.
In the mid of 2002, eBay acquired PayPal. The fortune was bright and PayPal continued to develop and make progress. In 2005, VeriSign Payment Solution was merged into PayPal to increase the consumers over the e – commerce platform.
The more exquisite the partnership of PayPal with MasterCard in 2007, opened more ways on the expansion of the company. Today, PayPal is a separate entity, apart from eBay.
After a quick follow through of PayPal, let’s jump into some interesting facts, statistics and figures about the fiscal giant:
1) PayPal; a Worst Idea Considered
In 1999, the idea the company once had, is vastly different than the PayPal we know now. Confinity Inc. then, was working on the security solutions of handheld devices. In view of that, they launched a program that would support transferring of money using the Palm Pilot app designed for Palm OS. The idea didn’t get a breakthrough and failed.
2) Account Holders
PayPal is considered to be one of the largest online virtual money transfer company. To date, it has almost more than 192 million users around the globe. As compared to its competitors; Skrill, Alipay and others, it has the highest traffic per second. PayPal is certainly absent in a number of Far East Asia countries. As soon as it gets to these countries, it will be able to touch the figure of almost 700 million users.
3) PayPal Mobility
The world is going mobile day by day. The use of smartphones and tablets are increasing every now and then because of a number of interactive and useful apps. This has allow mobile phone users to switch their banking needs over to their smartphones. PayPal has reported that out of its total transactions, 25% – 30% of transactions take place using the PayPal Mobile app. Besides the app, 43% – 45% of the transactions are reported done using the PayPal Wallet. PayPal operates almost $50 billion through the mobile phone transactions annually.
4) Widely Accepted Payment Method
The international head quarter of PayPal is located in Singapore; size of retailer’s market is almost $1.1 billion in 2010 and it further hit to $4.4 billion in 2015 according to the survey done by the PayPal. Almost 8% retailers use PayPal methods in Singapore, numbers are increasing rapidly since the last 1 year, PayPal recent report revealed that. In a number of countries, after the Credit and Debit card options, the next option presented to the consumer is of PayPal.
5) Attrition Survivor
PayPal is famous for a number of online payment users. Because of its wide popularity, it supports 25 currencies. The figure tends to increase once it gets more members on its panel. Presently, it has 202 countries operating on its tabs. And it’s not just just the currencies, PayPal even supports a number of languages as well. The website have customised appearances in 20 different formats, depending upon the selected region.
6) Highest Payment Count
PayPal holds the record of highest payment count within an hour in 2012. It was the only company of the time, which maintained a balance of $4,420 per hour. While its competitors were almost 50% far from it.
7) Cyber Monday
During 2015, PayPal created another record for its competitors. On the Cyber Monday, the Monday which lies after Thanksgiving, the company had 450 transactions every second. On that day, each hour came up with 1.6 million transactions.
When it comes to online transactions and payments, a number of merchants around the globe prefer a ‘safer’ route. They prefer not to deal with money online. But PayPal has changed the trend. The trust over the service brought 15 million merchants globally, who perform their online transactions.
9) Online Payments
Statistics reveal that in each quarter of the year, PayPal operates an estimation of $65 – $70 billion. This takes the annual figure to around $250 – $300 billion. The statistics further reveal that each account over PayPal makes around 23 payments per annum. While the calculations show that PayPal is operating almost $10 – $15 million of payment daily.
PayPal is the sole online payment company which has the highest income annually. In 2015, PayPal earned $8 billion, which is the amount separated from the money they operate. During the present year, it has been assumed that PayPal will go above $10 billion.
11) PayPal Mafia
The initial days of a PayPal career were trembling. After the company was acquired by eBay, a number of its first employees left and joined other organisations. While there’re a few who started their own ventures, including LinkedIn, Tesla Motors, YouTube, and Yelp. Due to their success in the global market, those figures are known as PayPal Mafia.
12) Internet Awards
PayPal has earned close to 20 internet awards. The notable award among the rest is the Webby Award for Best Financial Service, which PayPal earned in 2006. It’s safe and excellent service is appreciated everywhere where it’s operating.
The popularity of PayPal can be judged through its market strengths. It has access to almost 205 markets around the globe. Besides the standard currency support, it even supports 100 currencies (conditional).
14) Drop the School
The former co – founder of PayPal lured high school students to leave their studies. In 2010, Peter Theil asked students to quit high school and join the business program of Peter Thiel Fellowship and present a business idea. In the event of a successful tenure of 2 years, the candidate will be paid $100,000.
15) Growth Rate
The growth rate of PayPal is far higher than any other online payment companies. The other companies grow at a rate of 2% – 3% per annum. While PayPal grows by 10% – 15% per annum; the figure is estimated to rise by 15% – 20% in 2020 when the boom in the online market is expected.
16) Traffic Rate
Alexa Site Ranking revealed that PayPal ranks 53 worldwide and is placed 60 for Singapore PayPal ranking. The site has been visited by 50 million people around the globe.
According to Alexa, the site response time is very slow. It takes almost 3 seconds to load. The bounce rate on the site is around 17% which peaks at 28%.
18) Rules and Regulations
The onsite regulations of PayPal are quite strict. A number of sanctions of the state departments of finance and cyber technology are there. Every next online payment site follows the regulatory compliance set by the authorities. Violation of those regulations could result in the closure of the business either permanently or temporarily.
19) Wiki Leaks Donations
PayPal had been accepting the Wiki Leaks Donations for a long time. The time when Wiki Leaks was pronounced illegal, PayPal refused to accept the payment for Wiki Leaks. After that incident, PayPal suffered a number of hack attacks.
20) Venmo and Braintree
In 2013, PayPal acquired Braintree for $800 million. After the news breakout about this acquisition, some IT magazines revealed that PayPal acquired Braintree because of its subsidiary ‘Venom’ which had the best Peer – to – Peer payment system of the time.
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Elizbeth is a writer and blogger at TheOneSpy cell phone spy software blog with exclusive skill in the digital world. She has proven skills in technology, digital parenting, and relationship writing. Currently, she is working with spy program for android.