A Brief History of PayPal
PayPal has its roots back in 1998, when the company Confinity was founded, and it was initially founded as a security software company. Confinity then developed PayPal, a new money transfer service, in 1999. Then came the merger between Confinity and X.com, which saw Elon Musk making his way into the fray. The entire company was then renamed PayPal in 2001, and in 2002 the company was taken public.
2002 then saw eBay splashing out $1.5 billion and buying PayPal. This would be a massive boost to PayPal, as it allowed them to become the main way for people to pay for their goods when bought on eBay. PayPal would then continue growing, knocking out the competition, such as PayDirect and Google Checkout. Over time, PayPal also bought many businesses and cemented itself as a worldwide brand, used by millions of people.
In 2014, eBay decided to spin-off PayPal into a separate company, however PayPal still remains the most popular choice for payment at eBay. This spin-off only made PayPal stronger, and they continued buying other businesses and further cemented their grip on the online payment world. Nowadays, there are over 250 million people using PayPal throughout the world, including a number of players who use PayPal to make deposits and withdrawals at bingo sites.