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PayPal

American multinational financial technology company

PayPal is a leading online payment system, founded in 1998 as Confinity. It went public in 2002 and later became a subsidiary of eBay. In 2015, PayPal became an independent company again. It serves as a payment processor for online vendors and commercial users, charging a fee for its services. As of 2022, PayPal is ranked 143rd on the Fortune 500 list of largest US corporations by revenue.

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Timeline

2000
PayPal launches business accounts
In 2000, PayPal introduced business accounts, enabling businesses to accept unlimited credit card payments online with a fixed transaction fee of 2.9% + $0.30.
2001
PayPal Introduces Consumer Guarantee
In the fall of 2001, PayPal introduced its first consumer guarantee for buyers.
2002-02-15
PayPal goes public
PayPal, co-founded by Peter Thiel, went public on February 15, 2002, marking a significant milestone in the company's history.
2002-07-08
eBay Acquires PayPal
eBay acquired PayPal for $1.5 billion in a strategic move to enhance its online payment services, recognizing the potential of the rapidly growing payments network.
2002-07-15
PayPal Goes Public
On July 15, 2002, PayPal became a publicly traded company.
2002-10-03
Acquisition of PayPal by eBay
Shortly after PayPal's IPO, eBay acquired PayPal on October 3, 2002, for $1.5 billion in eBay stock. This acquisition made PayPal the default payment method for eBay users, leading to a significant increase in transactions.
2003-06
Stamps.com Lawsuit Against PayPal and eBay
In June 2003, Stamps.com filed a lawsuit against PayPal and eBay for breach of contract and interference with contract. The lawsuit stemmed from a 2002 agreement where Stamps.com technology was to be integrated with PayPal for online postage purchases.
2003-09
Bank One Corporation Lawsuit Against PayPal
In September 2002, Bank One Corporation sued PayPal for infringing its cardless payment system patents. PayPal countersued the following year, leading to a settlement in October 2003.
2003-10
Settlement Between PayPal and Bank One Corporation
In October 2003, PayPal and Bank One Corporation reached a settlement after countersuing each other over patent infringements related to online payment systems.
2003-11
AT&T Corporation Lawsuit Against eBay and PayPal
In November 2003, AT&T Corporation filed suit against eBay and PayPal, alleging patent infringement related to payment systems. The case was settled out of court the following month.
2004-06-11
Formal Settlement of PayPal Class-Action Lawsuit
A formal settlement was signed on June 11, 2004, requiring PayPal to change its business practices, including dispute resolution procedures, to make them EFTA-compliant. PayPal also made a US$9.25 million payment to members of the class.
2005
Acquisition of VeriSign by PayPal
In 2005, PayPal acquired the VeriSign payment solution to enhance its security support for online transactions. This acquisition aimed to provide added security features to PayPal's payment services.
2005-02
Jeff Jordan Named President of PayPal
Jeff Jordan, previously the Senior Vice President and general manager of eBay North America, is appointed as the President of PayPal. This leadership change signifies a significant shift within the PayPal executive team.
2007
PayPal obtains EU banking licence
In 2007, PayPal acquired a banking licence in the European Union, expanding its operations and reach within EU countries. This move allowed PayPal to serve its 35 million customers in Europe, with a significant portion of them located in the UK.
2008-01
Acquisition of Fraud Sciences by PayPal
In January 2008, PayPal acquired Fraud Sciences, an Israeli start-up specializing in online risk tools, for $169 million. This acquisition aimed to enhance PayPal's security measures against online fraud.
2008-11
Acquisition of Bill Me Later by PayPal
In November 2008, PayPal acquired Bill Me Later, an online transactional credit company. This acquisition aimed to expand PayPal's services and offerings in the online payment sector.
2010-09
PayPal freezes Minecraft developer's account
In September 2010, PayPal froze the account of Markus Persson, the developer of Minecraft, with around €600,000 in it, citing suspicious activity without providing a clear explanation.
2012-08
Partnership with Discover Card
In August 2012, PayPal announced a partnership with Discover Card to enable PayPal payments at the seven million stores in the Discover network. This partnership aimed to expand PayPal's offline payment capabilities.
2013-05
PayPal declines reward in Bug Bounty Program
In May 2013, PayPal refused to pay a reward to a 17-year-old German student who reported a site vulnerability, citing that the issue had been previously reported and criticizing the disclosure of the flaw to the public.
2014-09-30
eBay Spins off PayPal
eBay announced the spin-off of PayPal into a separate publicly traded company following demands from activist hedge fund magnate Carl Icahn. The spin-off was completed on July 18, 2015.
2015-05-21
CFPB Complaint Settlement with PayPal Credit
On 21 May 2015, PayPal Credit agreed to pay a $25 million fine to settle a complaint filed by the Consumer Financial Protection Bureau. The complaint alleged unauthorized sign-ups for credit accounts and unfulfilled promises to consumers.
2015-07-01
PayPal Acquires Xoom Corporation
PayPal announced the acquisition of Xoom Corporation, a digital money transfer company, for about $1.09 billion. The deal was closed in the fourth quarter of 2015.
2015-07-02
PayPal's Biggest Days In History
PayPal has a few significant dates in its history, including one upcoming event that will be added to its list of major milestones.
2015-07-18
Completion of PayPal Spin-off
The spin-off of PayPal from eBay was finalized on July 18, 2015.
2015-07-20
PayPal splits from eBay
On July 20, 2015, PayPal officially splits from eBay and starts trading independently as PYPL.
2015-09-01
Launch of PayPal.Me
PayPal launched its peer-to-peer payment platform called PayPal.Me, allowing users to request funds through custom links. The service was introduced in 18 countries.
2016
Discontinuation of PayPal Student Accounts
PayPal discontinued Student Accounts in August 2016, which allowed parents to set up accounts for students to learn financial responsibility.
2017-07
Partnership with Baidu
In July 2017, PayPal announced a partnership with Baidu, allowing the Chinese firm's 100 million mobile wallet users to make payments to PayPal's 17 million merchants through the Baidu service.
2017-10-05
PayPal Launches Bot for Slack Users
PayPal introduced a bot for Slack users that allows peer-to-peer payments through a simple command. The integration aims to streamline payment processes within the Slack platform.
2017-11-11
PayPal Acquires Braintree for $800 Million
PayPal acquires Braintree for $800 million to strengthen its presence in the mobile payments sector. This acquisition aims to expand PayPal's capabilities and market reach in the digital payment industry.
2018-01-31
eBay-PayPal Agreement Changes
eBay announced changes to its agreement with PayPal, stating that PayPal will continue as a payment option but won't be as prominently featured. PayPal will stop processing card payments for eBay and will start working with Adyen.
2018-05-17
PayPal Acquires iZettle
PayPal agreed to purchase Swedish payment processor iZettle for $2.2 billion, aiming to enhance its in-store expertise and digital marketing strength.
2019-03-19
PayPal Partners with Instagram
PayPal announced a partnership with Instagram for the 'Checkout on Instagram' feature.
2020-01-06
PayPal Acquires Honey
PayPal acquired Honey for over $4 billion, marking its largest acquisition at that time.
2021-01
PayPal Enters Chinese Payment Market
In January 2021, PayPal became the first foreign operator with 100% control of a payment platform in China.
2021-03
PayPal Ranked Second Most Trusted Brand
In a global survey, PayPal was ranked as the second most trusted brand worldwide.
2022-07-30
PayPal blocked in Indonesia by Kominfo
On July 30, 2022, Kominfo blocked PayPal in Indonesia due to PSE regulation, causing concern among Indonesian users who had funds stored on the platform. The block was temporary, allowing users to withdraw their money within 5 days before PayPal was unblocked on August 3, 2022 after registering with Bank Indonesia and Otoritas Jasa Keuangan.
2023-02
Dan Schulman Steps Down as CEO
CEO Dan Schulman announced his departure from the role by the end of 2023, with plans to continue serving on the board of directors. Alex Chriss was named as the new CEO.
2023-08
PayPal Launches PYUSD Stablecoin
PayPal introduced a U.S. dollar stablecoin called PayPal USD (PYUSD) for payments and transfers.
2023-10
PayPal Sells Happy Returns
PayPal sold its reverse logistics subsidiary, Happy Returns, to UPS for an undisclosed amount.
2023-11
SEC Investigates PayPal and Paxos
The SEC launched a legal investigation into PayPal and Paxos, the trust responsible for issuing the stablecoin, PYUSD.
End of the Timeline
PayPal

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