Tuesday, February 14, 2006

PayPal pushes past 100 million member milestone

PayPal, the online funds tansfer business of electronic auction house eBay, has surpassed 100 million accounts across 55 markets worldwide.
PayPal began offering its service in 1999, ending that year with 12,000 accounts and $235,000 in total payment volume. In 2005, PayPal says it processed more than $27bn in total payment volume and exceeded $1 billion in revenue.

The company was acquired by online auction house eBay in July 2002 in a $1.5 billion all-stock deal.

Jeff Jordan, president of PayPal, says: "We've spent the last seven years building a very safe, easy and convenient way to pay online. Our customers prefer to use PayPal because privacy is built right into the service - they can shop online without sharing their financial information with sellers."

PayPal has localised services in 14 countries and supports payments in seven currencies - US dollars, Canadian dollars, Australian dollars, euros, pounds sterling, Japanese yen and Chinese yuan.


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