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What
is PayPal and How Does it Work?
PayPal
provides the world's first instant and secure online payment service.
With PayPal, individuals and businesses can send and receive payments
through the Internet. This revolutionary new service provides a
safer, faster, easier, and cheaper way to move money in today's
digital economy.
With
a customer base of more than 7 million and continuing to grow rapidly,
PayPal is the world's largest Internet-based payment network. PayPal
is the #1 eFinance site on the Internet, according to PC Data Online,
and one of the fastest growing websites, according to Media Metrix.
PayPal now constitutes over 10% of all Internet traffic in the financial
services category, more than Citibank, Wells Fargo and Bank of America
combined.
PayPal
is the preferred payment service for online auctions, and for online
community and group websites. Recommended by CNET as "the most
reliable personal payment service," PayPal is also being increasingly
used at e-commerce sites. PayPal's service, free to consumers, can
be used from PCs or Web-enabled mobile phones.
Founded
in December 1998 by Peter Thiel and Max Levchin, PayPal is a privately
held company headquartered in Palo Alto, California. PayPal was
recently named one of the 50 Most Important Private Companies in
the World by Red Herring, one of the Top 25 New Companies by Fortune
Small Business, and a Forbes Favorite Website in the magazine's
latest "Best of the Web" issue.
Visit
the PayPal website for more information at www.paypal.com.
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