Introduction
PayPal is an American company that operates an online payments system globally to make the online transactions easy. paypal PayPal the market leader is widely used American online payments system that facilitates secure and convenient financial transactions over the internet. The company main focused is on developing security software for handy devices.
At first the owners of the company want the paypal that kind of platform where they try to develop the softwares of devices but after sometime the founder of Paypal want to make the paypal as a digital wallet and after thinking that they start to shift the paypal towards creating a digital wallet and online payment and make the online payment world widely easy.
Founding of Paypal The Market Leader
Paypal was founded by the person named max levchin with his friends in December 1998. Initially, Confinity developed security software for handheld devices but later shifted its focus to digital wallets. Because the owners of the company know that the future of company is not just the making of software the founder of paypal knows that in future the payment go to online and then they started to update paypal towards digital wallet. For the purpose of shifting the company towards online transactions the company owners was started their work with X.com. the X.com was the company of online banking which was founded by the famous man Elon Musk in March 2000.
X.com and PayPal Merger
The founder of paypal showed their idea to elon musk and elon musk really liked their idea and he agreed to merged their company with paypal the elon musk company online banking was very popular at that time because no one ever see or know about the online banking when online banking comes in thje market everybody like that. in March 2000 paypal merged with X.com, an online banking company founded by Elon Musk. The merged entity retained the name X.com for a long period of thime before rebranding the name towards PayPal in 2001.
In that time elon musk want to remain the name of paypal as x but the paypal don’t want that they want to changed the name of company to its own name as paypal and elon musk don’t like that so in result of that elon musk leaves the company x.com. after elon musk leaves the leadership of company comes in hand of peter thiel and Under the leadership of CEO Peter Thiel the named of paypal regained and fter they regain the name paypal. It quickly gained prominence as a leading online payment service.
E Bay Acquisition
Ebay is an online market place where the sell and purchases process occurs.In October 2002, an online marketplace eBay contacted with paypal and acquire the PayPal for $1.5 billion (dollars). This thing was very helpful for paypal. Ebay helped the paypal to make the primary payment for eBay transactions. This was the most helpful moment for paypal. The collaboration paypal with ebay make the world widely famous and the share of paypal goes very up or higher according to that time. And that was the time when the paypal starts becoming very popular in whole world for its online payment services.
IPO And Spin-off Of Paypal
Paypal wanted the attention of public. So it went in public in 2002 with its new offer as initial public offering we can also say that (IPO). Paypal and ebay worked very well with each other but due to some reasons In 2015 eBay and PayPal the market leader get separated from each other into two different independent publicly traded companies. In that time the eBay continued to getting large amount of major client because ebay always stays popular in public. but PayPal was also not just sitting and see the growth of ebay. paypal also started expanded its services to other merchants.
Paypal owner worked very hard to regained their popularity in market. In that time the paypal understands that if they always stays in contract with ebay they cannot growth properly. So paypal owner think that it time has come to cancel the contract with ebay and star doing work separately because at that time the whole world become online the smartphones was also launch in that time and by that if peoples had the application of paypal in their phones they can make the payment from anywhere and it doesn’t matters that where they are standing just by one click the payment can be done.
Expansion Innovation And Crypto
Paypal the market leader after getting separated from eBay, PayPal focused on expanding its services from more then just online payments and for that purpose they introduced a features like One Touch. That feature allowed users to make purchases with a single touch. Additionally, PayPal contacted with various companies to enhance their capabilities by including Braintree, Venmo, and Xoom. Paypal is also the owner of these companies. The notable development came in paypal in 2020 when PayPal the market leader tried to entered in the cryptocurrency market. And that was the paypal the market leader life changing decision.
Cryptocurrency platforms enabling users to buy, sell, and hold various types of cryptocurrencies directly within their PayPal accounts. This move of paypal owner’s marked a significant step towards the mainstream accepting of digital currencies/wallets. The crypto currency like BTC,ETH etc was a very popular cryptocurreny in that time and paypal mainly target that currency because paypal know that these are those coins who always stay in demand and in today we can see that BTC and ETH is still in demand the person who knows about the cryptocurrency also knows about these coins. the main target of paypal the market leader is that cryptocurrency coin.
Paypal QR Code Payments And New Features
The paypal does not stop just their continued to evolve its services and features by introducing a features such as the ability to pay using QR codes. The QR code is a method where all you need is the app with balance and you scan the code from any merchant QR code in the present life is the most reliable way to make payments and it is also the fastest and easiest way. Paypal the market leader many online wallet companies also adapt the QR code paymet method.
Further Partnerships and Market Expansion
PayPal is continuously doing the partnership with various companies to make their services as easy as possible and the company has focused also on expanding its market presence world widely the future of is already made because the owner decided to do many thing with paypal in future paypal will always stay on top with online payment .
Conclusion
The paypal was started with their founders and Elon musk due to some reasons elon leaves the paypal and decided to other things and he invested his money in many different projects. The today project owned by Elon is SpaceX, tesla and he also have the share of many other companies maybe if Elon musk stayed in Paypal the evolution of Paypal the market leader occur fast before anyone but the current owners of paypal is also very brilliant. They are working very fast is they keep changing the online payment features with time.
The technology and evolution will getting change with time. Because the evolution is the need of peoples and human cant served if he doesn’t change with time. currently the paypal is still not available in many countries and for evolution they have to launch the paypal in whose countries in which paypal services is not available.