PayPal is an e-commerce business allowing payments an money transfers to be made through the Internet. It is also a European bank based in Luxembourg. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. PayPal performs payment processing for online vendors, auction sites, and other corporate users, for which it charges a fee. It sometimes also charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount). The fees charged depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type. On October 3, 2002, PayPal became a wholly owned subsidiary of eBay. Its corporate headquarters are in San Jose, California, United States at eBay's North First Street satellite office campus. The company also has significant operations in Omaha, Nebraska, Scottsdale, Arizona and Austin, Texas in the U.S.; India, Dublin, Ireland; and Berlin, Germany.

Trivia about paypal

  • This online purchasing service was founded in 1998
  • eBay acquired this purchasing service company in 2002
  • Elon Musk is now making rockets & electric cars; before that he co-founded & sold this electronic payment system
  • In 2002 eBay paid more than $1 billion for this service for sending money online