Nowadays PayPal has over 200 million active accounts
Paypal is a wholly-owned subsidiary of eBay, established in 1998 and listed in 2002, operates one of the largest online payments system in the world. Like other third-party payment institutions, this Silicon Valley-based company help its clients making financial transactions online. People can conveniently send and receive money electronically and even participate in some online auctions organized by e-commerce platforms such as eBay. Users can easily pay for a product or a service, and make or acquire a donation online in total freedom as the funds can be transferred electronically between individuals and businesses through Paypal’s system. As an international payment system, different currencies can be converted by users when they set their account. This extremely encourages the growth of online business. In order to attract more potential customers, Paypal even allows people who do not have an account to use its services. What a brilliant strategy!
The company work as a payment processors and the main profits come from fees charged from services dedicated to online vendors, auction sites and other commercial entities. In 2009, services for students were launched. Parents can set up a Student Account for their children, while students use a debit card in their daily life. The main target of this program is to teach youngsters how to manage their money wisely. Through this unprofitable program, Paypal takes its social responsibility. An eminent company is not always the most profitable one, but sometimes the one who takes more responsibilities. Paypal this type of company. It opened its platform in 2009, allowing other services to get access to its source code in order to enable peer-to-peer online transactions. This selfless movement improves and perfects the industry’s infrastructure.
Paypal’s President and CEO, Dan Schulman, claims that Paypal was founded with a simple but important goal that is to make the circulation and management of money easier, more efficient and more affordable. Founded more than 18 years ago, Paypal has succeeded in bringing many changes to the world, but the basic purpose is still its beacon. As technology and financial services develop constantly, we believe that Paypal’s trek of perpetual innovation, partnership and dynamic product development will continue.
In 2017, Paypal celebrated a milestone: its community of customers has exceeded 200 million accounts. That shows the strength and scope of Paypal, but it’s also an excellent reminder of how much work is left to be done to make managing and transfer money faster, safer, simpler and cheaper for users. Customer community has always been, and will continue to be the inspiration and impetus to continue to reimagine money and the future of financial services.
As a great company, we believe that Paypal will continues its dream that is to make managing and moving money faster, simpler, more secure and less expensive for every single one in the world. If there were more companies endeavour to realize this goal together with Paypal, the process would be greatly accelerated. That will no doubt heighten people’s well-being all over the world.
In conclusion, PayPal had become one of the biggest and famous online financial transfer company in the world and almost every person would have a chance to engage with it when doing online shopping or any other property transfer. Moreover, it is obvious that electronic money transfer is going to take over from traditional paper method in all the trading process around the world in the future.