If you have ever bought an item online, especially from the online auction behemoth eBay, chances are you have a PayPal account. Paypal is one of the largest and most recognizable online money transfer service providers in the world. Founded in 1998, the San Jose, California-based worldwide online payments system provider was bought by eBay in 2002. In 2012, more than 70 percent of all eBay auctions accepted PayPal payments, and about 25 per cent of closed eBay listings were transacted using PayPal. The business was spun off into a separate publicly traded company in 2015.
Operating in more than 200 markets with 179 million active customer accounts, Paypal allows customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. In 2015, 28 per cent of the 4.9 billion payments Paypal processed were made on a mobile device. The Canadian arm of PayPal, Paypal Canada, is a Payments Canada Stakeholder Advisory Council member.