Last Updated:

2024-03-15 00:04:29

PayPal

American multinational financial technology company

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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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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 went public on February 15, 2002, and was later acquired by eBay for $1.5 billion in October of the same year. Peter Thiel remained CEO of the company until the sale.

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.

2009-11

PayPal Partially Opens Platform

In November 2009, PayPal allowed other services to access more APIs and use its infrastructure for peer-to-peer online transactions.

2010-01

PayPal faces cross-border money transfer restrictions in India

As of January 2010, PayPal did not have authorization for cross-border money transfers in India, as stated by the Reserve Bank of India under the Payment and Settlement Systems Act.

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.

2011-11-28

PayPal Reports Record Mobile Engagement on Black Friday

On November 28, 2011, PayPal announced a 538% increase in global mobile payment volume on Black Friday compared to the previous year.

2012-03

PayPal Here Announcement

PayPal introduces PayPal Here, a revolutionary mobile payment solution enabling small businesses to accept various forms of payment regardless of their size.

2012-04

David Marcus joins PayPal

David Marcus is welcomed to PayPal, enhancing the company's leadership team.

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.

2013-09

PayPal’s Working Capital Initiative

PayPal introduces the Working Capital Initiative in September 2013.

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.

2019-11-14

PayPal discontinues payments to Pornhub models

PayPal discontinued payments to Pornhub models on November 14, 2019, alleging that 'Pornhub has made certain business payments through PayPal without seeking our permission'.

2020-01-06

PayPal Acquires Honey

PayPal acquired Honey for over $4 billion, marking its largest acquisition at that time.

2020-10-21

PayPal Announces Cryptocurrency Service

On October 21, 2020, PayPal revealed a new service allowing customers to use cryptocurrencies for shopping at millions of merchants on the network.

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.

2021-07

PayPal collaborates with Anti-Defamation League

In July 2021, PayPal announced a plan to collaborate with the Anti-Defamation League's Center on Extremism and other nonprofits to analyze its users' transactions to investigate the finances of extremist and hate groups in the United States.

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.

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