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Other Services
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The service has become ever more popular across the world, especially with the increasing popularity of smartphones. Mobiles are now by far the most popular devices used to access the online world, and are now responsible for the vast majority of online shopping and trading. PayPal’s easy to use and intuitive app is easy to download and makes payments via your mobile swift, simple and secure.
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Yes |
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No |
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No |
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No |
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No |
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No |
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No |
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No |
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No |
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Yes |
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No |
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Yes |
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No |
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No |
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Yes |
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No |
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PayPal The Overview
There are many flexible ways to pay when the time comes to make your deposits on any Jumpman Slots casino. But surely the most convenient and secure option comes from the ultimate in electronic payment methods – PayPal.
When it comes to paying for goods and services online, PayPal was the first widely available financial payment service to break the monopoly of the old traditional banking services. Until the advent of PayPal, the only way to make payments was to use your debit card, or your old school Barclaycard or Access card, if you were lucky enough to be accepted for credit.
Even these were unavailable if you were an ordinary, private trader. Whilst individual consumers could make payments with plastic cards, only established retailers were eligible for merchant accounts. This meant that whilst you and I could pay for goods. We couldn’t receive funds if we were the seller. The set up fees and commission involved also made it impractical to even attempt to persuade the big banks to give you a trading account.
This became a big problem in the early days of the internet, when the world’s first global online market place, eBay, started to take off. The good old paper payment cheque really didn’t do the job. Online trading was supposed to be quick. But waiting for the cheque to arrive in the post; then a further five working days for the funds to clear; then post the purchased item to the buyer, meant that the whole process could take weeks.
Fortunately, a solution was soon to be found…
History of PayPal
PayPal was launched as a fledgling electronic money transfer service in 1999, by a newly formed start-up company called Confinity. This represented a truly rapid development, as Confinity itself had only been incorporated the previous year. The service caught the eye of Elon Musk the serial entrepreneur currently responsible for Space X and Tesla. His company at the time was an online banking services company called X.com, and he snapped up PayPal’s highly promising payment service in March 2000.
The service was a brilliant success, mostly because of its usefulness to customers and traders on the rapidly expanding eBay. In fact, PayPal was so successful that the decision was taken to take the company public barely three years after its launch, in 2002. The company’s shares were valued at $13, raising a total of over $61 million.
But nothing stays the same for long in this business. Barely months after its in initial launch, eBay decided that they liked it so much they bought the company. So it was that in July 2002, PayPal was acquired by eBay for a total of $1.5 billion, valuing each share at $23. This represented an almost doubling in value of the company in the space of just a few months.
But you can see why. At that time, PayPal was accepted as a payment in well over 70% of all eBay auctions, with roughly 25% actually being settled via PayPal.
The service continued in its rapid growth, so that by 2010, PayPal had around 100 million active user accounts in 190 different countries, using something like 25 different currencies.
By the end of 2012, PayPal was responsible for total payments of $145 billion and accounted for around 40% of eBay’s total revenues. But it was also developing its role as a more general online payment method, as other retailers and traders caught on to its practical benefits as an all-round payment solution.
In 2014, the company was so big, it was decided to spin it off from its eBay masters, and in July 2015 it became a New York stock exchange listed company in its own right.
In 2017, the last year for which total revenue figures are available at the time of writing, there were around 20 million account holders in the United Kingdom alone. PayPal has a total of just fewer than 230 million active customer accounts around the world and carried out 7.6 billion unique transactions. It operated in over 200 countries across the globe and traded in 25 different currencies.
But even to this day, the corporate politics continue. In 2018 it was announced that PayPal’s links with its former owner eBay will be loosened still further. From 2020, PayPal will no longer be the preferred payment option on eBay. It will still be accepted on the site, but it will no longer be listed ahead of conventional debit and credit card payments as it had been before.
PayPal remains headquartered in San Jose, California. Its total revenues in the 2017 financial year were over $13 billion, and its shares were valued on the New York NASDAQ stock exchange at around $73 at the time of writing.