PayPal - Founded by Peter Theil and Max Levchin in 1999...

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Founded by Peter Theil and Max Levchin in 1999 Originally conceived as mobile payment system using PDAs From this idea sprang the first P2P payment systems Listed in Feb 2002, bought by Ebay in Oct 2002 for $1.5Billion Generated $2.4B revenue in 2008 Has 170 million register users and 70 million “active” 9% share of US consumer e-commerce market and 5% of the global market 1
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How it works To open account, you provide email, bank account or credit card information to PayPal After purchase, logging in with your email address and PayPal password., money is drawn from the bank account or credit card and transmitted to ACH network for clearing After clearing, the seller is notified via e-mail that the money has deposited in his PayPal account Similar to an escrow service , PayPal acts as the middleman holder of money 2
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How it works 3
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Buyer 4
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Seller 5 ** To prevent fraud, special authorization needed for payment over US$200
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Business Model Value proposition - offers both consumers and
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This note was uploaded on 01/28/2011 for the course IELM 120 taught by Professor Fu,qi during the Spring '09 term at HKUST.

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PayPal - Founded by Peter Theil and Max Levchin in 1999...

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