During the times when people thought money transfers could never go beyond their bank accounts, PayPal set a new trend. The company is now one of the world’s largest internet payment set ups. PayPal proved that a little imagination, and perhaps a crazy idea would take the world to a whole new level. Before PayPal, it seemed that there wasn't any other method of transferring money on the internet.
The idea was set up in the late 90’s to act as a money transfer service to another setup. The founder Elon Musk was amazingly confident right from the beginning, vouching for the kind of revolution PayPal would create in the world of virtual payments in the years to come. It was merged with another online banking company X.com. After seeing a sizable share of ups and downs, Musk decided to do away with the rest of the operations and concentrate solely on PayPal money service. This was a decision made largely based on his faith and instinct that the money service business was going to take the world by storm. And he wasn't wrong.
PayPal always followed ethics and moral standing. Their decision to withdraw as a payment option between gambling websites and their virtual customers was proof that the brand was not going to compromise on their integrity. Come 2005 and PayPal acquired VeriSign payment solutions to move further into the online retail market. The later years saw its tie up with none other than MasterCard. This led to the inception of PayPal’s new line, Secured Card Service. The users could make payments on the websites that did not have PayPal directly but generated a unique MasterCard number on their every checkout. This alone saw the company generating a revenue close to $1.8 billion.
PayPal continues to expand, slowly growing to be one of the world’s most reliable payment services. The brand continues to stand on the values of integrity and robust compliance. This makes them the most preferred gateways by the ever growing base of loyal users.
If you feel that PayPal's transactions can't go beyond bank accounts please see the infographic below for simplified facts and figures from one of the worlds biggest online payment systems.