PayPal is a global technology platform company that enables digital and mobile payments on behalf of consumers and merchants. PayPal has over 200 million active account holders and is available in 203 countries. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as buyers’ protection and fraud prevention. PayPal was founded in 1998 by Peter Thiel and Max Levchin, and was one of the first companies to offer online payment services. Since its inception, PayPal has evolved into a platform that supports not only online payments, but also mobile commerce, invoicing, and even in-store payments. In 2015, PayPal processed $236 billion in total payment volume, making it one of the largest payment platforms in the world. And with its recent acquisition of Xoom, a digital money transfer service, PayPal is poised to continue its growth into new markets and new services.
