What is PayPal and It’s History
PayPal is an e-commerce business allowing payments and money transfers
to be made through the internet. It serves as an electronic alternative to traditional paper methods such as checks and money orders. PayPal performs payment processing for online vendors, auction sites, and other corporate users, for which it charges a fee. In October 2002, PayPal became a wholly owned subsidiary of eBay. Their corporate headquarters is in San Jose, California.PayPal account holders must be 16 or over with a debit/credit card or bank account and e-mail address.
Beginnings:
PayPal Corp, as it is known today, is the result of a March 2000 merger between Confinity and X.com[1]. Confinity was founded in December of 1998 by Peter Thiel and Max Levchin, initially as a Palm Pilot payments and cryptography company[2]. X.com was founded by Elon Musk in March of 1999, initially as an Internet financial services company. Both companies were located on University Avenue in Palo Alto. On the Confinity business side, many of its initial recruits were alumni of The Stanford Review, also founded by Peter Thiel, and most early engineers hailed from the University of Illinois at Urbana-Champaign, recruited by Max Levchin. On the X.com side, Elon Musk recruited a wide range of personnel, many of whom remain at PayPal today, such as the current head of product, Amy Klement [3] and several other members of the senior team.
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