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`PayPal | History, Description, & Facts | Britannica
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`WRITTEN BY
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`The Editors of Encyclopaedia Britannica
`Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years
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`PayPal, American e-commerce company formed in March 2000 that specializes in
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`Internet money transfers. It was heavily used by the Internet auction company eBay, which
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`owned PayPal from 2002 to 2015. Paypal was the product of a merger between X.com and
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`Confinity, and it allowed users to make payments on purchased goods or exchange money
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`between accounts in a secure online transaction.
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`https://www.britannica.com/topic/PayPal
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`PayPal | History, Description, & Facts | Britannica
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`After watching PayPal become the premier choice of Internet auction shoppers, online
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`marketplace giant eBay acquired PayPal for $1.5 billion in October 2002. The company
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`offers users the ability to link their PayPal accounts to their own bank accounts, making
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`transfers and payments more efficient than money orders or checks. Fees are collected by
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`eBay on certain transactions and are determined based on the amount of the transaction,
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`the nature of the transaction, and the currency type of the transaction. In 2015 PayPal was
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`spun off into an independent company, but it continued to be used by eBay.
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`A sophisticated series of security advancements helped PayPal remain a respected company
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`in terms of identity theft prevention. The company implemented superior anti-phishing
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`and anti-hacking measures, and it developed a portable “key” device that requires manual
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`activation before a transfer from a PayPal account is processed. PayPal allows consumers to
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`contest and request a refund in transactions where they have been misled or cheated.
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`Additionally, PayPal offers a type of limited protection for sellers and includes a system that
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`deactivates accounts when suspicious or excessive activity is observed.
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`https://www.britannica.com/topic/PayPal
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`PayPal | History, Description, & Facts | Britannica
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`The Editors of Encyclopaedia Britannica
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`This article was most recently revised and updated by Adam Augustyn, Managing Editor, Reference Content.
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`LEARN MORE in these related Britannica articles:
`
`WikiLeaks
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`…took an enormous hit when PayPal, Visa, and Mastercard suspended online payment
`processing for donations to WikiLeaks, a move that Assange characterized as a “financial
`blockade.”…
`
`Elon Musk
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`…who cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch
`vehicles and spacecraft. He was also one of the first significant investors in, as well as chief
`executive officer of, the electric car manufacturer Tesla.…
`
`eBay
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`PayPal, the online automated clearinghouse for payments, has been a cornerstone of eBay’s
`transaction environment. In October 2002 eBay bought PayPal, but it was spun off as an
`independent company in 2015. Other major acquisitions in the 2000s included Skype (sold…
`
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`https://www.britannica.com/topic/PayPal
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`PayPal | History, Description, & Facts | Britannica
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`PayPal
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