How PayPal Became the Internet's Payment System
PayPal is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
Established in 1998, PayPal had its initial public offering in 2002 and became a wholly-owned subsidiary of eBay later that year. In 2014, eBay announced plans to spin-off PayPal into an independent company. Today, PayPal has over 200 million users worldwide.