PayPal is an online payment system and acts as an alternative to traditional payment methods. It was launched in 1998 by Elon Musk and “PayPal Mafia” enthusiasts. At first, the new payment method was received with mixed reviews, but now it is available in 202 countries with 203 million active users.
Each second PayPal processes $8.000 worth of transactions. In fact, 87% of millennials are actively using PayPal to receive money and pay for products.
From 2016 onwards, the net income of PayPal has increased by 5.2%. And in 2017 PayPal added 6 million more active accounts. But not everything was as smooth in the history of PayPal.
Meanwhile, let’s have a look at 7 facts you probably don’t know about PayPal:
In 1999, PayPal was voted as one of the 10 worst business ideas.
One of the founders of PayPal, Peter Thiel gives $100K fellowship to youngsters to start their own business.
On Cyber Monday, 2015, PayPal hit a record by processing $1.6 million worth of payments per hour.
Youtube founders are former employees of PayPal: Chad Hurley, Steve Chen, Jawed Karim.
PayPal has 18,000 employees from 31 countries. 55% of them are millennials.
There are 13 countries where PayPal is officially prohibited: Belarus, North Korea, Iran, and Iraq.
PayPal is trusted. In fact, US consumers consider PayPal as the 2nd safest payment method after credit cards.
86% of PayPal users are likely to recommend the service. It’s a great help for many businesses worldwide to be able to use one payment system for all kinds of billing and payments.