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Wikipedia

PayPal

January 11, 2024

"Pay Pal" redirects here. For The Simpsons episode, see Pay Pal (The Simpsons).

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

PayPal Holdings, Inc.
Headquarters in San Jose, California, U.S.
TypePublic
IndustryFinancial technology
Predecessors
Founded
  • December 1998; 25 years ago (1998-12) (as Confinity)
  • October 1999; 24 years ago (1999-10) (as X.com)
  • March 2000; 23 years ago (2000-03) (as PayPal)
Founders
HeadquartersSan Jose, California, U.S.
Area served
Almost worldwide
Key people
ProductsCredit cards, payment systems
Revenue US$27.52 billion (2022)
US$3.84 billion (2022)
US$2.42 billion (2022)
Total assets US$78.72 billion (2022)
Total equity US$20.27 billion (2022)
Number of employees
c. 29,900 (2022)
Divisions
  • PayPal Inc (PPI)[2]
  • PayPal Pte. Ltd (3PL)[2]
  • PayPal Payments Pte. Holdings (PPLUX)[2]
  • PayPal Payments Pte Limited (4PL)
Subsidiaries
Websitepaypal.com
Footnotes / references
[3]
eBay, PayPal, Kijiji and StubHub, 500 King Street West, Toronto, April 2014

Established in 1998 as Confinity,[4] PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion.[5] In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again.[2][6] The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.[7] Since 2023 PayPal is a member of the MACH Alliance.[8]

History edit

For a chronological guide, see Timeline of PayPal.

Early history edit

The company was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Fieldlink, later renamed Confinity,[9] a company that developed security software for hand-held devices.[10] Having had no success with that business model, however, it switched its focus to a digital wallet.[11] The first version of the PayPal electronic payments system was launched in 1999.[12]

In March 2000, Confinity merged with x.com, an online financial services company founded in March 1999 by Elon Musk, Harris Fricker, Christopher Payne, and Ed Ho.[13] Musk was optimistic about the future success of the money transfer business Confinity was developing.[14] Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000.[15] In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on payments.[16] That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com,[17] which was renamed PayPal in June 2001 and went public in 2002.[18][19][20] PayPal's IPO listed under the ticker PYPL at $13 per share and generated over $61 million.[21]

eBay subsidiary (2002–2014) edit

Shortly after PayPal's IPO, the company was acquired by eBay on October 3, 2002,[22] for $1.5 billion in eBay stock.[16][23][24] More than 70 percent of all eBay auctions accepted PayPal payments, and roughly 1 in 4 closed auction listings were transacted via PayPal.[25] PayPal became the default payment method used by the majority of eBay users, and the service competed with eBay's subsidiary Billpoint, as well as Citibank's c2it, Yahoo!'s PayDirect, and Google Checkout.[14]

In 2005, PayPal acquired the VeriSign payment solution to provide added security support.[26] In 2007, PayPal announced a partnership with MasterCard, which led to the development and launch of the PayPal Secure Card service, a software that allows customers to make payments on websites that do not accept PayPal directly.[27] By the end of 2007, the company generated $1.8 billion in revenue.[28]

In January 2008, PayPal acquired Fraud Sciences, a privately held Israeli start-up that developed online risk tools, for $169 million.[29][30] In November 2008, the company acquired Bill Me Later, an online transactional credit company.[31]

By 2010, PayPal had over 100 million active user accounts in 190 markets through 25 different currencies.[32] In July 2011, fourteen alleged members of the Anonymous hacktivist group were charged with attempting to disrupt PayPal's operations. The denial of service attacks occurred in December 2010, after PayPal stopped processing donations to WikiLeaks. On 5 December 2013, 13 of the PayPal 14 pleaded guilty to misdemeanor and felony charges related to the attacks.[33][34]

The company continued to build its Merchant Services division, providing e-payments for retailers on eBay. In 2011, PayPal announced that it would begin moving its business offline so that customers can make payments via PayPal in stores.[35]

In August 2012, the company announced its partnership with Discover Card to allow PayPal payments to be made at any of the seven million stores in the Discover network.[36] By the end of 2012, PayPal's total payment volume processed was US$145 billion.[37] and accounted for 40% of eBay's revenue, amounting to US$1.37 billion in the 3rd quarter of 2012.[38]

In 2013, PayPal acquired IronPearl, a Palo Alto startup offering engagement software,[39] and Braintree, a Chicago-based payment gateway, to further product development and mobile services.[40] In June 2014 David Marcus announced he was leaving his role[41] as PayPal President; Marcus joined PayPal in August 2011 after its acquisition of Zong, of which he was the founder and CEO.[42] David Marcus succeeded Scott Thompson as president, who left the role to join Yahoo.[42] PayPal announced that Marcus would be succeeded by Dan Schulman, who previously served as CEO of Virgin Mobile and Executive vice president of American Express.[43]

Spin-off from eBay (2014–present) edit

It was announced on September 30, 2014, that eBay would spin off PayPal into a separate publicly traded company, a move demanded in 2013 by activist hedge fund magnate Carl Icahn. The spin-off was completed on July 18, 2015.[44][45][46] Dan Schulman is the current president and CEO, with former eBay CEO John Donahoe serving as chairman.[43] On January 31, 2018, eBay announced that "After the existing eBay-PayPal agreement ends in 2020, PayPal will remain a payment option for shoppers on eBay, but it won't be prominently featured ahead of debit and credit card options as it is today. PayPal will cease to process card payments for eBay at that time." The company will "instead begin working with Amsterdam-based Adyen".[47]

On July 1, 2015, PayPal announced that it was acquiring digital money transfer company Xoom Corporation. PayPal spent $25 a share in cash to acquire the publicly traded Xoom, or about $1.09 billion. The deal was closed in the fourth quarter of 2015. The move strengthened PayPal’s international business, giving it access to Xoom’s 1.3 million active U.S. customers that sent about $7 billion in the 12 months ending on March 31, to people in 37 countries.[48][49]

On September 1, 2015, PayPal launched its peer-to-peer payment platform "PayPal.Me", a service that allows users to send a custom link to request funds via text, email, or other messaging platforms.[50] Custom links are set to be structured as PayPal.me/username/amount requested.[50] PayPal.Me was launched in 18 countries including the United States, United Kingdom, Germany, Australia, Canada, Russia, Turkey, France, Italy, Spain, Poland, Sweden, Belgium, Norway, Denmark, Netherlands, Austria and Switzerland.[51] PayPal had 170 million users, as of September 2015, and the focus of PayPal.Me was to create a mobile-first user experience that enables faster payment sharing than PayPal's traditional tools.[50]

On May 17, 2018, PayPal agreed to purchase Swedish payment processor iZettle for $2.2 billion. This was PayPal's largest acquisition until late November 2019 and the company claims that it is the in-store expertise and digital marketing strength that will complement its own online and mobile payment services.[52]

On March 19, 2019, PayPal announced its partnership with Instagram as part of the company's new checkout feature, "Checkout on Instagram".[53][54]

In June 2019, PayPal reported that Chief Operating Officer Bill Ready would be leaving the company at the end of the year, transitioning into the role of commerce chief for Google.[55]

In October 2019, PayPal reported a loss of $228 million on investments, largely due to a failed return from a $500 million investment in Uber.[56][57]

On January 6, 2020, PayPal acquired Honey for over $4 billion. This is PayPal's largest acquisition to date, and its most recent.[58] It more recently signed a deal with NBCUniversal.[59]

In June 2020, PayPal announced a $530 million commitment to support Black-owned businesses and minority communities in the United States.[60]

In January 2021, PayPal became the first foreign operator with 100% control of a payment platform in China, gaining an advanced position in the local online payment market.[61]

In an international survey conducted in March 2021 by Morning Consult, PayPal was found to be the second most trusted brand globally.[62]

On October 20, 2021, Bloomberg reported that PayPal is interested in acquiring Pinterest, with a potential price around $70 a share, there’s no certainty the talks will lead to an agreement.[63]

In June 2022, Shopify partnered with PayPal to offer Shopify Payments to merchants in France.[64][65]

In February 2023, PayPal announced layoffs for 2,000 of its workers, or 7% of its total workforce.[66]

It was reported in February 2023, that CEO Dan Schulman will step away from his role by the end of 2023. Schulman will continue to serve on the board of directors after vacating the position.[67] In August 2023, the company named Intuit executive Alex Chriss CEO, effective September 27, 2023.[68]

In August 2023, PayPal launched a U.S. dollar stablecoin, called PayPal USD (PYUSD) for payments and transfers.[69] In November 2023, it was announced that the SEC launched a legal investigation into both PayPal and Paxos, the trust responsible for issuing the stablecoin.[70] Paypal said it was cooperating with the subpoena from the SEC’s Enforcement Division.[71]

In October 2023, it was announced PayPal has sold its reverse logistics subsidiary, Happy Returns to UPS for an undisclosed amount.[72]

Acquisitions edit

Acquisition date Company Price Refs
Jan 28, 2008 Fraud Sciences $169M [73]
Oct 6, 2008 Bill Me Later $945M [74]
Apr 20, 2011 Where.com $135M [75]
Apr 28, 2011 FigCard — [76]
Oct 15, 2011 Zong $240M [77]
Jul 17, 2012 card.io — [78]
Apr 11, 2013 IronPearl — [79][80]
Sep 26, 2013 Braintree $800M [81][82][83]
Sep 26, 2013 Venmo $26.2M [81][82]
Dec 17, 2013 StackMob — [84]
Mar 2, 2015 Paydiant $280M [82][85]
Mar 5, 2015 CyActive $60M [86][87]
Jul 2, 2015 Xoom Corporation $890M [88][89]
Aug 19, 2015 Modest Inc — [82][90]
Feb 14, 2017 TIO Networks $233M [82][91][92]
Aug 10, 2017 Swift Financial — [82][93]
May 29, 2018 Jetlore — [94]
May 17, 2018 iZettle $2.2B [52][82]
June 19, 2018 Hyperwallet $400M [95]
June 22, 2018 Simility $120M [96]
Sept 30, 2019 GoPay undisclosed (70% stake) [97]
Nov 20, 2019 Honey $4B [98]
Mar 8, 2021 Curv — [99]
May 7, 2021 Chargehound — [100]
May 13, 2021 Happy Returns — [101]
Sep 8, 2021 Paidy $2.7B [102]

Finances edit

The fiscal year for PayPal is from January 1 to December 31. For fiscal year 2019, Paypal reported earnings of US$2.459 billion, with an annual revenue of $17.772 billion, an increase of 15% over the previous fiscal cycle. PayPal's shares traded at over $108 per share, and its market capitalization was valued at over $127.58 billion in December 2019.[103][104]

Year Revenue
in million $ 		Net income
in million $ 		Total Assets
in million $ 		Price per Share
in $ 		Employees
2012 5,662 778
2013 6,727 955 19,160
2014 8,025 419 21,917
2015 9,248 1,228 28,881 35.52 16,800
2016 10,842 1,401 33,103 38.26 18,100
2017 13,094 1,795 40,774 55.85 18,700
2018 15,451 2,057 43,332 82.60 21,800
2019 17,772 2,459 51,333 105.07 23,200
2020 21,454 4,202 70,379 161.52 26,500
2021 25,371 4,169 75,803 30,900
2022 27,518 2,419 78,717 29,900

The COVID-19 pandemic has accelerated the growth of digital payment platforms, including PayPal, at the expense of the traditional banking sector.[105] As a result, Paypal has seen an increase in its stock to up to 78% in 2020 as of October. In addition, total payment volume has increased 29% amounting to $220 billion increasing positive investor sentiment.[106]

Paypal laid off hundreds of workers across US offices and moved jobs overseas during 2020-2022 pandemic.

Offices edit

 
PayPal Operations Center in La Vista, Nebraska

PayPal's corporate headquarters are located in the North San Jose Innovation District of San Jose, California,[38] at North First Street campus.[107] The company's operations center is located in La Vista, Nebraska, which was opened in 1999.[108][109] Since July 2007, PayPal has operated across the European Union as a Luxembourg-based bank. The PayPal European headquarters are located in Luxembourg and the international headquarters are in Singapore. PayPal opened a technology center in Scottsdale, Arizona in 2006,[110] and a software development center in Chennai, India in 2007.[111] In October 2007, PayPal opened a data service office on the north side of Austin, Texas,[112] and also opened a second operations center in La Vista, Nebraska that same year.[108] In 2011, joining similar customer support operations located in Berlin, Germany; Chandler, Arizona; Dublin and Dundalk, Ireland; Omaha, Nebraska; and Shanghai, China; PayPal opened a second customer support center in Kuala Lumpur, Malaysia, and began the hiring process.[113] In 2014, PayPal opened a new global center of operations in Kuala Lumpur.[114]

Services edit

PayPal's services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.[115] Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations. It is not necessary to have a PayPal account to use the company's services.[115] PayPal account users can set currency conversion option in account settings.[116]

The PayPal app is available online or at the iTunes App Store and Google Play. One year after acquiring Braintree, PayPal introduced its "One Touch" service, which allows users to pay with a one-touch option on participating merchants websites or apps.[117]

In 2007, PayPal acquired the online credit product Bill Me Later, Inc.,[118] which has since been rebranded as PayPal Credit and provided services for Comenity Capital Bank, the lender of PayPal Credit accounts. Founded in 2000, Bill Me Later is headquartered in Timonium, Maryland.[119] PayPal Credit offers shoppers access to an instant online revolving line of credit at thousands of vendors that accept PayPal, subject to credit approval. PayPal Credit allows consumers to shop online in much the same way as they would with a traditional credit card. The rebranding of Bill Me Later as PayPal Credit also means that consumers can use PayPal Credit to fund transactions virtually anywhere PayPal is accepted.[120] In 2015 PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau.[121]

From 2009 to 2016, PayPal operated Student Accounts, allowing parents to set up a student account, transfer money into it, and obtain a debit card for student use. The program provided tools to teach how to spend money wisely and take responsibility for actions.[122][123] PayPal discontinued Student Accounts in August 2016.

In November 2009, PayPal partially opened its platform, allowing other services to get access to more APIs and to use its infrastructure in order to enable peer-to-peer online transactions.[124]

On November 28, 2011, PayPal reported Black Friday brought record mobile engagement, including a 538% increase in global mobile payment volume when compared with Black Friday 2010.[125]

In 2012, the company launched "PayPal Here", a small business mobile payment system that includes a combination of a free mobile app and a small card-reader that plugs into a smart phone.[126]

PayPal launched an updated app for iOS and Android in 2013 that expanded its mobile app capabilities by allowing users to search for local shops and restaurants that accept PayPal payments, order ahead at participating venues, and access their PayPal Credit accounts (formerly known as Bill Me Later).[120]

On October 21, 2020, PayPal announced a new service allowing customers to use cryptocurrencies to shop at 26 million merchants on the network starting in 2021. Paypal has been using Paxos Trust to provide the back end infrastructure allowing users to manage and trade cryptocurrencies in accordance to data privacy rules and financial regulations. Paxos has been in charge of acquiring the necessary regulatory approvals for Paypal to facilitate cryptocurrency assets. As part of the announcement, PayPal secured the first conditional cryptocurrency license from the New York State Department of Financial Services, which will allow customers to purchase cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.[127][128][129] In March 2022, PayPal introduced a flat-fee structure for cryptocurrency transactions under $200; transactions over $200 incur a 1.8% fee for purchases or sales up to $1,000, and 1.5% for any transaction amount greater than $1,000.[130]

As of 2022, PayPal operates in 202 markets and has 426 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.[131]

Business model evolution edit

PayPal's success in users and volumes was the product of a three-phase strategy described by former eBay CEO Meg Whitman: "First, PayPal focused on expanding its service among eBay users in the US. Second, we began expanding PayPal to eBay's international sites. And third, we started to build PayPal's business off eBay."[132]

Phase 1 edit

In the first phase, payment volumes were coming mostly from the eBay auction website. The system was very attractive to auction sellers, most of which were individuals or small businesses that were unable to accept credit cards, and for consumers as well. In fact, many sellers could not qualify for a credit card Merchant account because they lacked a commercial credit history. The service also appealed to auction buyers because they could fund PayPal accounts using credit cards or bank account balances, without divulging credit card numbers to unknown sellers. PayPal employed an aggressive marketing campaign to accelerate its growth, depositing $10 in new users' PayPal accounts.[132]

Phase 2 edit

Until 2000, PayPal's strategy was to earn interest on funds in PayPal accounts. However, most recipients of PayPal credits withdrew funds immediately. Also, many senders funded their payments using credit cards, which cost PayPal roughly 2% of payment value per transaction.[citation needed]

To solve this problem, PayPal tailored its product to cater more to business accounts. Instead of relying on interests earned from deposited funds, PayPal started relying on earnings from service charges. They offered seller protection to PayPal account holders, provided that they comply with reimbursement policies. For example, PayPal merchants are either required to retain a traceable proof of shipping to a confirmed address or to provide a signed receipt for items valued over $750.[citation needed]

Phase 3 edit

After fine-tuning PayPal's business model and increasing its domestic and international penetration on eBay, PayPal started its off-eBay strategy. This was based on developing stronger growth in active users by adding users across multiple platforms, despite the slowdown in on-eBay growth and low-single-digit user growth on the eBay site. A late 2003 reorganization created a new business unit within PayPal—Merchant Services—to provide payment solutions to small and large e-commerce merchants outside the eBay auction community. Starting in the second half of 2004, PayPal Merchant Services unveiled several initiatives to enroll online merchants outside the eBay auction community, including:[132]

  • Lowering its transaction fee for high-volume merchants from 2.2% to 1.9% (while increasing the monthly transaction volume required to qualify for the lowest fee to $100,000)
  • Encouraging its users to recruit non-eBay merchants by increasing its referral bonus to a maximum of $1,000 (versus the previous $100 cap)
  • Persuading credit card gateway providers, including CyberSource and Retail Decisions USA, to include PayPal among their offerings to online merchants.
  • Hiring a new sales force to acquire large merchants such as Dell, Apple's iTunes, and Yahoo! Stores, which hosted thousands of online merchants
  • Reducing fees for online music purchases and other "micropayments"
  • Launching PayPal Mobile, which allowed users to make payments using text messaging on their cell phones

Global reach edit

PayPal can be used in more than 200 countries/regions.[133]

Different countries have different conditions: Send only (Package Service allows sending only, valid in 97 countries), PayPal Zero (package suggests the possibility of enrollment, entry, and withdrawal of funds in foreign currency, but the user can not hold the balance PayPal account, operates in 18 countries), SRW Send – Receive – Withdrawal (the possibility of enrollment, input-output and the ability to keep your PayPal account balance in the currency and to transfer to the card when the user sees fit, operates in 41 countries) and Local Currency (SRW plus opportunity to conduct transactions in the local currency, 21 countries).

China edit

In July 2017, PayPal announced a partnership with Baidu, to allow the Chinese firm‘s 100 million mobile wallet users to make payments to PayPal’s 17 million merchants through the Baidu service.[134]

Crimea edit

In January 2015, PayPal ceased operations in Crimea in compliance with international sanctions against Russia and Crimea.[135]

India edit

As of March 2011, PayPal has made changes to the User Agreement for Indian users to comply with Reserve Bank of India regulations.[136] The per transaction limit had been set to USD $3,000, since October 14, 2011. However, on July 29, 2013, PayPal increased the per transaction limit to USD $10,000.[137] This brings the per transaction limit for India in line with the restrictions imposed by PayPal in most other countries.

PayPal has disabled sending and receiving personal payments in India, thus forcing all recipients to pay a transaction fee.[138]

PayPal plans to make India an incubation center for the company's employee engagement policies. In 2012, PayPal hired 120 people for its offices in Chennai and Bengaluru.[139]

On 8 November 2017, PayPal launched domestic operations under PayPal Payments Private Limited and now provides digital payment solutions for merchants and customers in India.[140] As of 2020, Paypal supports the domestic card system RuPay and is planning to further integrate Unified Payment Interface (UPI) in collaboration with National Payments Corporation of India (NPCI).[141] PayPal now has the largest global engineering team in India outside of the US, which is spread over Bengaluru, Chennai and Hyderabad.[142]

Israel and Palestinian Territories edit

PayPal is available in Israel[143] but is not available in the Palestinian territories. Nor can Palestinians working in the West Bank or Gaza access it but Israelis living in settlements in the West Bank can use PayPal. This decision has prompted Palestinian tech companies to seek a policy change from PayPal.[144]

Japan edit

In late March 2010, new Japanese banking regulations forced PayPal Japan to suspend the ability of personal account holders registered in Japan from sending or receiving money between individuals and as a result are now subject to PayPal's business fees on all transactions.[145][146]

Pakistan edit

In Pakistan, users can use Xoom, a money transfer service owned by PayPal.[147] In October 2018, Pakistan's government used Xoom to help crowdsource funds for the purpose of building two dams.[148]

The government of Pakistan is trying to convince PayPal administration to launch its service in the country, but PayPal is not ready to introduce its services there.[149]

Turkey edit

Eight years after the company first started operating in the country, Paypal ceased operations in Turkey on 6 June 2016 when Turkish financial regulator BDDK denied it a payment license. The regulators had demanded that PayPal's data centers be located inside Turkey to facilitate compliance with government and court orders to block content and to generate tax revenue. PayPal said that the closure will affect tens of thousands of businesses and hundreds of thousands of consumers in Turkey.[150][151]

Sri Lanka edit

In January 2017, the PayPal team was scheduled to visit Sri Lanka in mid-January to re-establish links.[152] In Sri Lanka as of 2021, PayPal can be used only to send money.[153]

Russia edit

In March 2022, PayPal suspended all activities in Russia due to 2022 Russian invasion of Ukraine.[154]

Ukraine edit

In March 2022, PayPal expanded its services for Ukrainian accounts, allowing them to send and receive money from friends and family. Previously, PayPal users in Ukraine could only send money internationally from their accounts, not receive it.[155]

Kenya edit

In 2018, PayPal and Safaricom collaborated to enable Kenyans to perform MPESA transactions by leveraging on the latter's mobile money service[156]

Indonesia edit

In 30 July 2022, Kominfo blocked PayPal due PSE regulation. Many PayPal users in Indonesia are concerned, as some of them stored lot of their money in this platform.[157] The service had been temporarily unblocked for 5 days for users to withdraw their money from the platform.[158] The main reason is that PayPal have yet to get a permit from Bank Indonesia and Otoritas Jasa keuangan.[159] PayPal had been unblocked in 3 August 2022 after registering.[160]

PayPal Giving Fund edit

PayPal Giving Fund is a registered charity supported by PayPal that streamlines donations to non-profit organizations.[161][162][163]

Digital marketing with PayPal edit

PayPal launches different marketing activities in various channels and emphasizes that consumers can use it in different ways.[164] PayPal's marketing includes TV commercials, outdoor advertising, Facebook, and display advertisement.[164]

PayPal provides free analytics to traders about the ways that consumers utilize online payments.[165] Through the free tracking service, PayPal assists traders in targeting consumers. PayPal's code gathers the consumer information, which can be installed on the trader's website.[165] Both PayPal and traders benefit from the free service.

PayPal partners with Synchrony Financial to provide the PayPal Cashback Mastercard, which offers 2% cash back to customers who use the card to make purchases both online and in physical stores.[166] PayPal’s cashback financial service promotes the number of potential customers.

Apple allows PayPal as a mode of payment for App Store, Apple Music, iTunes, and Apple Books.[167] PayPal can increase usage of Apple platforms. In addition, PayPal receives revenue from Apple services, especially from the App Store.[168] Customers can use PayPal to make purchases by linking their PayPal accounts to their Apple IDs.[167]

Regulation edit

Thiel, a founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional-reserve banking.[169] Rather, PayPal's funds that have not been disbursed are kept in commercial interest-bearing checking accounts.[170]

In the United States, PayPal is licensed as a money transmitter, on a state-by-state basis.[171][172] But state laws vary, as do their definitions of banks, narrow banks, money services businesses, and money transmitters. Although PayPal is not classified as a bank, the company is subject to some of the rules and regulations governing the financial industry, including Regulation E consumer protections and the USA PATRIOT Act.[173] The most analogous regulatory source of law for PayPal transactions comes from peer-to-peer (P2P) payments using credit and debit cards. Ordinarily, a credit card transaction, specifically the relationship between the issuing bank and the cardholder, is governed by the Truth in Lending Act (TILA) 15 U.S.C. §§ 1601-1667f as implemented by Regulation Z, 12 C.F.R. 226, (TILA/Z). TILA/Z requires specific procedures for billing errors, dispute resolution, and limits cardholder liability for unauthorized charges.[174] Similarly, the legal relationship between a debit cardholder and the issuing bank is regulated by the Electronic Funds Transfer Act (EFTA) 15 U.S.C. §§ 1693-1693r, as implemented by Regulation E, 12 C.F.R. 205, (EFTA/E). EFTA/E is directed at consumer protection and provides strict error resolution procedures. However, because PayPal is a payment intermediary and not otherwise regulated directly, TILA/Z and EFTA/E do not operate exactly as written once the credit/debit card transaction occurs via PayPal. Basically, unless a PayPal transaction is funded with a credit card, the consumer has no recourse in the event of fraud by the seller.[174]

In 2008, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU.[175] It is therefore regulated as a bank by Luxembourg's banking supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF).[176][177][178] All of the company's European accounts were transferred to PayPal's bank in Luxembourg in July 2007.[179] Prior to this move, PayPal had been registered in the United Kingdom as PayPal (Europe) Ltd, an entity which was licensed as an Electronic Money Issuer with the UK's Financial Services Authority (FSA) from 2004. This ceased in 2007, when the company moved to Luxembourg.[180]

In India, as of January 2010, PayPal has no cross-border money transfer authorization. In The New York Times article "India's Central Bank Stops Some PayPal Services", Reserve Bank of India spokesman Alpana Killawalla stated: "Providers of cross-border money transfer service need prior authorization from the Reserve Bank under the Payment and Settlement Systems Act, PayPal does not have our authorization."[181] PayPal is not listed in the "Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India".[182] PaisaPay is an Indian sister service to PayPal. It is also owned by eBay.[183] PaisaPay makes possible payments from abroad by PayPal account holders to Indian sellers on eBay.in.

In Australia, PayPal is licensed as an authorised deposit-taking institution (ADI) and is thus subject to Australian banking laws and regulations.[184]

In Singapore, PayPal holds a stored value facility that does not require the approval of the Monetary Authority of Singapore.[185]

Safety and protection policies edit

The PayPal Buyer Protection Policy states that customers may file a buyer complaint for not receiving an item or if the purchased item was significantly not as described. The customer can open a dispute within 180 days from the date of payment and escalate it to a claim within 20 days from opening the dispute. Buyers using a credit card might get a refund via chargeback from their credit-card company. However, in the UK, where such a purchaser is entitled to specific statutory protections (that the credit card company is a second party to the purchase and is therefore equally liable in law if the other party defaults or goes into liquidation) under Section 75 Consumer Credit Act 1974, the purchaser loses this legal protection if the card payment is processed via PayPal.[186]

Also, the Financial Ombudsman Service (for the U.K.) position is that section 75 protection does not apply where PayPal or any eMoney service becomes involved in the credit card transaction. This leaves consumers with no recourse to pursue their complaint with the Financial Ombudsman Service. They would only have recourse in the courts, but in any event they cannot because PayPal is incorporated in Luxembourg and, since the UK has left the EU, is now no longer within the jurisdiction of any UK Courts. The key issues that determine the applicability of section 75 are identified very clearly in Office of Fair Trading v Lloyds TSB Bank Plc and others [2006] EWCA Civ 268 7 and the Bank of Scotland v Alfred Truman (a firm) [2005] [EWHC] 583 (QB). This is a legal authority that section 75 protection does exist where one has paid on a credit card for a product, via an eMoney service.[187]

According to PayPal, it protects sellers in a limited fashion via the Seller Protection Policy. In general, the Seller Protection Policy is intended to protect the seller from certain kinds of chargebacks or complaints if the seller meets certain conditions, including proof of delivery to the buyer. PayPal states the Seller Protection Policy is "designed to protect sellers against claims by buyers of unauthorized payments and against claims of non-receipt of any merchandise". The policy includes a list of "Exclusions" which itself includes "Intangible goods", "Claims for receipt of goods 'not as described'", and "Total reversals over the annual limit".[188] There are also other restrictions in terms of the sale itself, the payment method and the destination country the item is shipped to (simply having a tracking mechanism is not sufficient to guarantee the Seller Protection Policy is in effect). The PayPal Seller Protection Policy does not provide the additional consumer protection afforded by UK consumer legislation (most notably the Consumer Rights Act 2015) and in addition, it cannot be enforced in the Courts because PayPal operates from Luxembourg, outside all three of the UK legal jurisdictions.[189]

Security edit

Security token edit

Main article: Security token

In early 2006, PayPal introduced an optional security key as an additional precaution against fraud.[190] A user account tied to a security key has a modified login process. Account-holders enter their login ID and password as normal, but are then prompted to enter a six-digit code provided by a credit card sized hardware security key or a text message sent to the account holder's mobile phone. For convenience, users may append the code generated by the hardware key to their password in the login screen. This way they are not prompted for it on another page. This method is required for some services, such as when using PayPal through the eBay application on iPhone.

This two-factor authentication is intended to make it difficult for an account to be compromised by a malicious third party without access to the physical security key, although it does not prevent the so-called Man in the Browser (MITB) attacks. However, the user (or malicious third party) can alternatively authenticate by providing the credit card or bank account number listed on their account. Thus, the PayPal implementation does not offer the security of true two-factor authentication.[191]

MTAN edit

It is also possible to use a mobile phone to receive an mTAN (Mobile Transaction Authentication Number) via SMS.[192] Use of a security code that is sent to the account holder's mobile phone is currently free.[193]

Fraud edit

As early as 2001, PayPal had substantial problems with online fraud, especially international hackers who were hacking into PayPal accounts and transferring small amounts of money out of multiple accounts. Standard solutions for merchant and banking fraud might use government criminal sanctions to pursue the fraudsters. But with PayPal losing millions of dollars each month to fraud while experiencing difficulties with using the FBI to pursue cases of international fraud, PayPal developed a fraud monitoring system to detect potentially fraudulent transactions.[194] This development of fraud monitoring software at PayPal led Peter Thiel to create Palantir, a big-data security company whose original mission was to "reduce terrorism while preserving civil liberties."[195]

150,000 PayPal cards frozen edit

In 2015, 150,000 Spanish cardholders had their funds frozen in an apparent fraud case involving a PayPal service provider, Younique Money, which was the de facto administrator of the cards. Previously, PayPal had charged €15 to all its card users without authorization (150,000 users). As of March 2015, most funds had not been returned.[196][197][198]

Criticism and controversies edit

See also: Criticism of eBay

In 2003, PayPal voluntarily ceased serving as a payment intermediary between gambling websites and their online customers. At the time of this cessation, it was the largest payment processor for online gambling transactions. In 2010, PayPal resumed accepting such transactions, but only in those countries where online gambling is legal, and only for sites which are properly licensed to operate in said jurisdictions.[199]

Since at least 2005, PayPal has maintained an Acceptable Use policy which disallows "transactions involving ... items that are considered obscene ... [or] certain sexually oriented materials or services." Their enforcement of this policy has been a constant source of controversy between PayPal and people within or related to the sex industry. In 2014, PayPal notified subscription service provider Patreon that it was moving to cease integration with Patreon as a platform as the result of Patreon permitting "adult content" on their platform. Patreon subsequently removed access to PayPal services for creators who produced sexual content.[200]

If an account is subject to fraud or unauthorized use, PayPal puts the "Limited Access" designation on the account. PayPal has had several notable cases in which the company has frozen the account of users such as Richard Kyanka, owner of the website Something Awful, in September 2005,[201] Cryptome in March 2010,[202][203][204] or April Winchell, the owner of Regretsy, in December 2011. The account was reinstated, and PayPal apologized and donated to her cause.[205]

In September 2010, PayPal froze the account of the Minecraft developer, Markus Persson. Persson stated publicly that he had not received a clear explanation from PayPal as to why the account was frozen, and that PayPal was threatening to keep the money in the account if they found any suspicious activity. His account contained around €600,000 ($655,842 USD).[206]

PayPal's partner MasterCard ceased taking donations to WikiLeaks in 2010, and PayPal also suspended, and later permanently restricted, payments to the website after the U.S. State Department said WikiLeaks was engaged in illegal activities. Online supporters and activists retaliated by subjecting PayPal and MasterCard, along with other companies, to coordinated cyber attacks.[207]

In February 2011, PayPal unbanned the account of a website that supports Iraq War resisters after it had enough information to fulfill its know your customer guidelines. The Chelsea Manning Support Network claimed the backdown was a reaction to a petition to the company to reinstate the account.[208]

In May 2013, PayPal declined to pay a reward offered in its Bug Bounty Program[209] to a 17-year-old German student who had reported a cross-site scripting flaw on its site.[210] The company wrote that the vulnerability had been previously reported, and chastised the youth for disclosing the issue to the public, but, uniquely, sent him a "Letter of recognition" for the discovery.[211]

In August 2013, entrepreneurs who had used PayPal to collect the funds they raised on crowdfunding platforms like Kickstarter and Indiegogo reported difficulty in being able to withdraw the money. Victims included Ouya, GlassUp (a rival to Google Glass), and Mailpile.[212][213]

In May 2014, PayPal blocked the account of a Russian human rights organisation "RosUznik", which supported political prisoners arrested at Bolotnaya Square.[214][215]

As of January 2015, a class-action lawsuit against PayPal has been filed in Israel,[216] claiming that they arbitrarily froze accounts and held funds for up to 180 days without paying interest and thereby directly profited from it. In the examples given in the lawsuit, PayPal had received complaints against small vendors which were later resolved, but the PayPal account was closed. The lawsuit requests that PayPal be declared a monopoly and thus regulated accordingly.

In April 2015, The Guardian reported that PayPal had blocked the account of London-based human rights group Justice for Iran.[217]

In May 2015, PayPal blocked an account intended to raise money for the distribution of Boris Nemtsov's report "Putin. War".[218][219] The explanation by PayPal was that "PayPal does not offer the opportunity to use its system for collecting funds to finance the activities of political parties or for political aims in Russia", though PayPal's Acceptable Use Policy does not mention financing for political goals.[220] Non-governmental organization Freedom House issued a statement that "PayPal should immediately lift this ban, to help, rather than hinder, press freedom in Russia."[221]

In September 2015, PayPal reappeared as a payment processor at some newly legalized US online gambling sites operating in the state of New Jersey.[222] Since the May 14, 2018, Supreme Court of the United States overturn of the Professional and Amateur Sports Protection Act of 1992, PayPal has been widely available to customers in states where sports betting has been legalized for both depositing and withdrawing money.[223]

By 2016, ConsumerAffairs had received over 1,200 consumer reviews of PayPal, resulting in an overall satisfaction rating of one star out of five for the company.[224] Consumers have also launched numerous anti-PayPal Facebook pages and Twitter accounts to air their complaints.[225]

In February 2017, PayPal froze the account of News Media Canada, a Canadian trade association, in response to a payment from The Reminder, a Flin Flon, Manitoba community newspaper, intended to cover the fee for the Reminder's submission of articles for consideration in a nationwide journalism contest run by News Media Canada, including one discussing Syrian refugees. PayPal cited United States regulations as a reason for flagging the transaction between Canadian entities.[226]

In September 2018, PayPal banned radio host Alex Jones and his website InfoWars, claiming that his site has content that was hateful and discriminatory against certain religious groups.[227]

PayPal discontinued payments to Pornhub models on November 14, 2019,[228] alleging that "Pornhub has made certain business payments through PayPal without seeking our permission".[229] Pornhub criticized the decision as one that affected "over a hundred thousand performers who rely on them for their livelihoods", and steered its payees toward other payment options.[229][230]

In September 2020, PayPal issued new terms of service which introduced a fee for inactive accounts in 19 countries. PayPal sent its clients an e-mail about the updated terms, but didn't mention introducing such a fee.[231]

PayPal faced criticism over their policies related to changing the name on a user's account. Critics cited the complicated system involved in changing names, which require legal and government-issued identification. This system has been seen as impacting transgender users, who find trouble in using preferred names and pronouns.[232]

In July 2021, PayPal announced a plan to collaborate with the Anti-Defamation League's Center on Extremism, the League of United Latin American Citizens, and several other nonprofits to analyze its users' transactions, in order to investigate the finances of extremist and hate groups in the United States and share the results with law enforcement, policymakers, and other financial corporations;[233][234] the ADL's CEO, Jonathan Greenblatt, stated that this initiative is meant to help "mitigat[e] extremist threats."[234]

In September 2022, PayPal shut the accounts of the British social commentator Toby Young, and two connected organisations: the Free Speech Union and The Daily Sceptic website. PayPal said that the accounts were closed because of breaches of its acceptable use policy, apparently because of alleged misinformation about COVID-19 vaccines.[235] PayPal reversed the decision a few days later.[236][237]

In October 2022, PayPal published an update to their acceptable use policy which included a $2,500 fine for the accounts of users PayPal deemed to have been promoting "misinformation". Former PayPal president David A. Marcus criticized the change, tweeting that "PayPal's new AUP goes against everything I believe in". Elon Musk, co-founder of X.com, which later merged with Confinity to form PayPal, also criticized the change. Following media scrutiny and criticism on social media, PayPal removed the updated policy from their website, stating: "An AUP notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. Our teams are working to correct our policy pages."[238][239]

Litigation edit

In March 2002, two PayPal account holders separately sued the company for alleged violations of the Electronic Funds Transfer Act (EFTA) and California law. Most of the allegations concerned PayPal's dispute resolution procedures. The two lawsuits were merged into one class-action lawsuit (In re: PayPal litigation). An informal settlement was reached in November 2003, and a formal settlement was signed on June 11, 2004. The settlement requires that PayPal change its business practices (including changing its dispute resolution procedures to make them EFTA-compliant), as well as making a US$9.25 million payment to members of the class. PayPal denied any wrongdoing.[240]

In June 2003, Stamps.com filed a lawsuit against PayPal and eBay claiming breach of contract, breach of the implied covenants of good faith and fair dealing, and interference with contract, among other claims. In a 2002 license agreement, Stamps.com and PayPal agreed that Stamps.com technology would be made available to allow PayPal users to buy and print postage online from their PayPal accounts. Stamps.com claimed that PayPal did not live up to its contractual obligations and accused eBay of interfering with PayPal and Stamps.com's agreement, hence Stamps.com's reasoning for including eBay in the suit.[241][242]

Craig Comb and two others filed a class action against PayPal in Craig Comb, et al. v. PayPal Inc.. They sued, alleging illegal misappropriation of customer accounts and detailed their customer service experiences, including freezing deposited funds for up to 180 days until disputes were resolved by PayPal. PayPal argued that the plaintiffs were required to arbitrate their disputes under the American Arbitration Association's Commercial Arbitration Rules. The court ruled against PayPal, stating that "the User Agreement and arbitration clause are substantively unconscionable under California law."[243] Paypal agreed to pay $9.25 million as a result of the case.[244]

In September 2002, Bank One Corporation sued PayPal for allegedly infringing its cardless payment system patents.[245] The following year, PayPal countersued, claiming that Bank One's online bill-payment system was an infringement against PayPal's online bill-payment patent, issued in 1998.[246] The two companies agreed on a settlement in October 2003.[247]

In November 2003, AT&T Corporation filed suit against eBay and PayPal claiming that their payment systems infringed an AT&T patent, filed in 1991 and granted in 1994.[248] The case was settled out of court the following month, with the terms of the settlement undisclosed.[249]

In June 2011, PayPal and Israel Credit Cards-Cal Ltd. were sued for NIS 16 million. The claimants accused PayPal of deliberately failing to notify its customers that ICC-Cal was illegally charging them for currency conversion fees.[250]

A class-action lawsuit filed in 2010 was settled in 2016, in which the plaintiffs contested PayPal's "holds" on funds. PayPal has proposed a settlement in the amount of $3.2 million in Zepeda v. PayPal which has yet to be ratified. As part of the settlement, the company agreed to change some of its policies.[251]

CFPB consent edit

On 21 May 2015, PayPal agreed that PayPal Credit would pay a $25 million fine to settle a complaint filed in federal court by the Consumer Financial Protection Bureau.[121] The complaint alleged that consumers using PayPal were signed up for PayPal credit accounts without their knowledge or consent, that PayPal had promised discounts and payment options the consumers never received, and that users trying to sign up for the regular, non-credit, PayPal accounts were signed up for credit accounts instead.[121][252] The complaint was filed in the United States District Court for the District of Maryland, which ordered PayPal Credit to refund $15 million to consumers and to pay a $10 million fine.[121]

See also edit

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External links edit

 
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January 11, 2024
paypal, redirects, here, simpsons, episode, simpsons, holdings, american, multinational, financial, technology, company, operating, online, payments, system, majority, countries, that, support, online, money, transfers, serves, electronic, alternative, traditi. Pay Pal redirects here For The Simpsons episode see Pay Pal The Simpsons PayPal Holdings Inc is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers it serves as an electronic alternative to traditional paper methods such as checks and money orders The company operates as a payment processor for online vendors auction sites and many other commercial users for which it charges a fee PayPal Holdings Inc Headquarters in San Jose California U S TypePublicTraded asNasdaq PYPLNasdaq 100 componentS amp P 100 componentS amp P 500 componentIndustryFinancial technologyPredecessorsConfinityX comFoundedDecember 1998 25 years ago 1998 12 as Confinity October 1999 24 years ago 1999 10 as X com March 2000 23 years ago 2000 03 as PayPal FoundersKen HoweryMax LevchinLuke NosekYu PanPeter ThielHeadquartersSan Jose California U S Area servedAlmost worldwideKey peopleJohn Donahoe Chairman Alex Chriss President and CEO 1 ProductsCredit cards payment systemsRevenueUS 27 52 billion 2022 Operating incomeUS 3 84 billion 2022 Net incomeUS 2 42 billion 2022 Total assetsUS 78 72 billion 2022 Total equityUS 20 27 billion 2022 Number of employeesc 29 900 2022 DivisionsPayPal Inc PPI 2 PayPal Pte Ltd 3PL 2 PayPal Payments Pte Holdings PPLUX 2 PayPal Payments Pte Limited 4PL SubsidiariesBraintreeHoneyPaydiantPayPal CreditTraderaVenmoXoom CorporationZettleWebsitepaypal wbr comFootnotes references 3 eBay PayPal Kijiji and StubHub 500 King Street West Toronto April 2014Established in 1998 as Confinity 4 PayPal went public through an IPO in 2002 It became a wholly owned subsidiary of eBay later that year valued at 1 5 billion 5 In 2015 eBay spun off PayPal to its shareholders and PayPal became an independent company again 2 6 The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue 7 Since 2023 PayPal is a member of the MACH Alliance 8 Contents 1 History 1 1 Early history 1 2 eBay subsidiary 2002 2014 1 3 Spin off from eBay 2014 present 1 4 Acquisitions 2 Finances 3 Offices 4 Services 4 1 Business model evolution 4 1 1 Phase 1 4 1 2 Phase 2 4 1 3 Phase 3 4 2 Global reach 4 2 1 China 4 2 2 Crimea 4 2 3 India 4 2 4 Israel and Palestinian Territories 4 2 5 Japan 4 2 6 Pakistan 4 2 7 Turkey 4 2 8 Sri Lanka 4 2 9 Russia 4 2 10 Ukraine 4 2 11 Kenya 4 2 12 Indonesia 4 3 PayPal Giving Fund 5 Digital marketing with PayPal 6 Regulation 7 Safety and protection policies 8 Security 8 1 Security token 8 2 MTAN 9 Fraud 9 1 150 000 PayPal cards frozen 10 Criticism and controversies 11 Litigation 11 1 CFPB consent 12 See also 13 References 14 External linksHistory editFor a chronological guide see Timeline of PayPal Early history edit The company was originally established by Max Levchin Peter Thiel and Luke Nosek in December 1998 as Fieldlink later renamed Confinity 9 a company that developed security software for hand held devices 10 Having had no success with that business model however it switched its focus to a digital wallet 11 The first version of the PayPal electronic payments system was launched in 1999 12 In March 2000 Confinity merged with x com an online financial services company founded in March 1999 by Elon Musk Harris Fricker Christopher Payne and Ed Ho 13 Musk was optimistic about the future success of the money transfer business Confinity was developing 14 Musk and Bill Harris then president and CEO of X com disagreed about the potential future success of the money transfer business and Harris left the company in May 2000 15 In October of that year Musk decided that X com would terminate its other internet banking operations and focus on payments 16 That same month Elon Musk was replaced by Peter Thiel as CEO of X com 17 which was renamed PayPal in June 2001 and went public in 2002 18 19 20 PayPal s IPO listed under the ticker PYPL at 13 per share and generated over 61 million 21 eBay subsidiary 2002 2014 edit Shortly after PayPal s IPO the company was acquired by eBay on October 3 2002 22 for 1 5 billion in eBay stock 16 23 24 More than 70 percent of all eBay auctions accepted PayPal payments and roughly 1 in 4 closed auction listings were transacted via PayPal 25 PayPal became the default payment method used by the majority of eBay users and the service competed with eBay s subsidiary Billpoint as well as Citibank s c2it Yahoo s PayDirect and Google Checkout 14 In 2005 PayPal acquired the VeriSign payment solution to provide added security support 26 In 2007 PayPal announced a partnership with MasterCard which led to the development and launch of the PayPal Secure Card service a software that allows customers to make payments on websites that do not accept PayPal directly 27 By the end of 2007 the company generated 1 8 billion in revenue 28 In January 2008 PayPal acquired Fraud Sciences a privately held Israeli start up that developed online risk tools for 169 million 29 30 In November 2008 the company acquired Bill Me Later an online transactional credit company 31 By 2010 PayPal had over 100 million active user accounts in 190 markets through 25 different currencies 32 In July 2011 fourteen alleged members of the Anonymous hacktivist group were charged with attempting to disrupt PayPal s operations The denial of service attacks occurred in December 2010 after PayPal stopped processing donations to WikiLeaks On 5 December 2013 13 of the PayPal 14 pleaded guilty to misdemeanor and felony charges related to the attacks 33 34 The company continued to build its Merchant Services division providing e payments for retailers on eBay In 2011 PayPal announced that it would begin moving its business offline so that customers can make payments via PayPal in stores 35 In August 2012 the company announced its partnership with Discover Card to allow PayPal payments to be made at any of the seven million stores in the Discover network 36 By the end of 2012 PayPal s total payment volume processed was US 145 billion 37 and accounted for 40 of eBay s revenue amounting to US 1 37 billion in the 3rd quarter of 2012 38 In 2013 PayPal acquired IronPearl a Palo Alto startup offering engagement software 39 and Braintree a Chicago based payment gateway to further product development and mobile services 40 In June 2014 David Marcus announced he was leaving his role 41 as PayPal President Marcus joined PayPal in August 2011 after its acquisition of Zong of which he was the founder and CEO 42 David Marcus succeeded Scott Thompson as president who left the role to join Yahoo 42 PayPal announced that Marcus would be succeeded by Dan Schulman who previously served as CEO of Virgin Mobile and Executive vice president of American Express 43 Spin off from eBay 2014 present edit It was announced on September 30 2014 that eBay would spin off PayPal into a separate publicly traded company a move demanded in 2013 by activist hedge fund magnate Carl Icahn The spin off was completed on July 18 2015 44 45 46 Dan Schulman is the current president and CEO with former eBay CEO John Donahoe serving as chairman 43 On January 31 2018 eBay announced that After the existing eBay PayPal agreement ends in 2020 PayPal will remain a payment option for shoppers on eBay but it won t be prominently featured ahead of debit and credit card options as it is today PayPal will cease to process card payments for eBay at that time The company will instead begin working with Amsterdam based Adyen 47 On July 1 2015 PayPal announced that it was acquiring digital money transfer company Xoom Corporation PayPal spent 25 a share in cash to acquire the publicly traded Xoom or about 1 09 billion The deal was closed in the fourth quarter of 2015 The move strengthened PayPal s international business giving it access to Xoom s 1 3 million active U S customers that sent about 7 billion in the 12 months ending on March 31 to people in 37 countries 48 49 On September 1 2015 PayPal launched its peer to peer payment platform PayPal Me a service that allows users to send a custom link to request funds via text email or other messaging platforms 50 Custom links are set to be structured as PayPal me username amount requested 50 PayPal Me was launched in 18 countries including the United States United Kingdom Germany Australia Canada Russia Turkey France Italy Spain Poland Sweden Belgium Norway Denmark Netherlands Austria and Switzerland 51 PayPal had 170 million users as of September 2015 and the focus of PayPal Me was to create a mobile first user experience that enables faster payment sharing than PayPal s traditional tools 50 On May 17 2018 PayPal agreed to purchase Swedish payment processor iZettle for 2 2 billion This was PayPal s largest acquisition until late November 2019 and the company claims that it is the in store expertise and digital marketing strength that will complement its own online and mobile payment services 52 On March 19 2019 PayPal announced its partnership with Instagram as part of the company s new checkout feature Checkout on Instagram 53 54 In June 2019 PayPal reported that Chief Operating Officer Bill Ready would be leaving the company at the end of the year transitioning into the role of commerce chief for Google 55 In October 2019 PayPal reported a loss of 228 million on investments largely due to a failed return from a 500 million investment in Uber 56 57 On January 6 2020 PayPal acquired Honey for over 4 billion This is PayPal s largest acquisition to date and its most recent 58 It more recently signed a deal with NBCUniversal 59 In June 2020 PayPal announced a 530 million commitment to support Black owned businesses and minority communities in the United States 60 In January 2021 PayPal became the first foreign operator with 100 control of a payment platform in China gaining an advanced position in the local online payment market 61 In an international survey conducted in March 2021 by Morning Consult PayPal was found to be the second most trusted brand globally 62 On October 20 2021 Bloomberg reported that PayPal is interested in acquiring Pinterest with a potential price around 70 a share there s no certainty the talks will lead to an agreement 63 In June 2022 Shopify partnered with PayPal to offer Shopify Payments to merchants in France 64 65 In February 2023 PayPal announced layoffs for 2 000 of its workers or 7 of its total workforce 66 It was reported in February 2023 that CEO Dan Schulman will step away from his role by the end of 2023 Schulman will continue to serve on the board of directors after vacating the position 67 In August 2023 the company named Intuit executive Alex Chriss CEO effective September 27 2023 68 In August 2023 PayPal launched a U S dollar stablecoin called PayPal USD PYUSD for payments and transfers 69 In November 2023 it was announced that the SEC launched a legal investigation into both PayPal and Paxos the trust responsible for issuing the stablecoin 70 Paypal said it was cooperating with the subpoena from the SEC s Enforcement Division 71 In October 2023 it was announced PayPal has sold its reverse logistics subsidiary Happy Returns to UPS for an undisclosed amount 72 Acquisitions edit Acquisition date Company Price RefsJan 28 2008 Fraud Sciences 169M 73 Oct 6 2008 Bill Me Later 945M 74 Apr 20 2011 Where com 135M 75 Apr 28 2011 FigCard 76 Oct 15 2011 Zong 240M 77 Jul 17 2012 card io 78 Apr 11 2013 IronPearl 79 80 Sep 26 2013 Braintree 800M 81 82 83 Sep 26 2013 Venmo 26 2M 81 82 Dec 17 2013 StackMob 84 Mar 2 2015 Paydiant 280M 82 85 Mar 5 2015 CyActive 60M 86 87 Jul 2 2015 Xoom Corporation 890M 88 89 Aug 19 2015 Modest Inc 82 90 Feb 14 2017 TIO Networks 233M 82 91 92 Aug 10 2017 Swift Financial 82 93 May 29 2018 Jetlore 94 May 17 2018 iZettle 2 2B 52 82 June 19 2018 Hyperwallet 400M 95 June 22 2018 Simility 120M 96 Sept 30 2019 GoPay undisclosed 70 stake 97 Nov 20 2019 Honey 4B 98 Mar 8 2021 Curv 99 May 7 2021 Chargehound 100 May 13 2021 Happy Returns 101 Sep 8 2021 Paidy 2 7B 102 Finances editThe fiscal year for PayPal is from January 1 to December 31 For fiscal year 2019 Paypal reported earnings of US 2 459 billion with an annual revenue of 17 772 billion an increase of 15 over the previous fiscal cycle PayPal s shares traded at over 108 per share and its market capitalization was valued at over 127 58 billion in December 2019 103 104 Year Revenuein million Net incomein million Total Assetsin million Price per Sharein Employees2012 5 662 7782013 6 727 955 19 1602014 8 025 419 21 9172015 9 248 1 228 28 881 35 52 16 8002016 10 842 1 401 33 103 38 26 18 1002017 13 094 1 795 40 774 55 85 18 7002018 15 451 2 057 43 332 82 60 21 8002019 17 772 2 459 51 333 105 07 23 2002020 21 454 4 202 70 379 161 52 26 5002021 25 371 4 169 75 803 30 9002022 27 518 2 419 78 717 29 900The COVID 19 pandemic has accelerated the growth of digital payment platforms including PayPal at the expense of the traditional banking sector 105 As a result Paypal has seen an increase in its stock to up to 78 in 2020 as of October In addition total payment volume has increased 29 amounting to 220 billion increasing positive investor sentiment 106 Paypal laid off hundreds of workers across US offices and moved jobs overseas during 2020 2022 pandemic Offices edit nbsp PayPal Operations Center in La Vista NebraskaPayPal s corporate headquarters are located in the North San Jose Innovation District of San Jose California 38 at North First Street campus 107 The company s operations center is located in La Vista Nebraska which was opened in 1999 108 109 Since July 2007 PayPal has operated across the European Union as a Luxembourg based bank The PayPal European headquarters are located in Luxembourg and the international headquarters are in Singapore PayPal opened a technology center in Scottsdale Arizona in 2006 110 and a software development center in Chennai India in 2007 111 In October 2007 PayPal opened a data service office on the north side of Austin Texas 112 and also opened a second operations center in La Vista Nebraska that same year 108 In 2011 joining similar customer support operations located in Berlin Germany Chandler Arizona Dublin and Dundalk Ireland Omaha Nebraska and Shanghai China PayPal opened a second customer support center in Kuala Lumpur Malaysia and began the hiring process 113 In 2014 PayPal opened a new global center of operations in Kuala Lumpur 114 Services editPayPal s services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses 115 Through PayPal users can send or receive payments for online auctions on websites like eBay purchase or sell goods and services or donate money or receive donations It is not necessary to have a PayPal account to use the company s services 115 PayPal account users can set currency conversion option in account settings 116 The PayPal app is available online or at the iTunes App Store and Google Play One year after acquiring Braintree PayPal introduced its One Touch service which allows users to pay with a one touch option on participating merchants websites or apps 117 In 2007 PayPal acquired the online credit product Bill Me Later Inc 118 which has since been rebranded as PayPal Credit and provided services for Comenity Capital Bank the lender of PayPal Credit accounts Founded in 2000 Bill Me Later is headquartered in Timonium Maryland 119 PayPal Credit offers shoppers access to an instant online revolving line of credit at thousands of vendors that accept PayPal subject to credit approval PayPal Credit allows consumers to shop online in much the same way as they would with a traditional credit card The rebranding of Bill Me Later as PayPal Credit also means that consumers can use PayPal Credit to fund transactions virtually anywhere PayPal is accepted 120 In 2015 PayPal agreed that PayPal Credit would pay a 25 million fine to settle a complaint filed in Federal Court by the Consumer Financial Protection Bureau 121 From 2009 to 2016 PayPal operated Student Accounts allowing parents to set up a student account transfer money into it and obtain a debit card for student use The program provided tools to teach how to spend money wisely and take responsibility for actions 122 123 PayPal discontinued Student Accounts in August 2016 In November 2009 PayPal partially opened its platform allowing other services to get access to more APIs and to use its infrastructure in order to enable peer to peer online transactions 124 On November 28 2011 PayPal reported Black Friday brought record mobile engagement including a 538 increase in global mobile payment volume when compared with Black Friday 2010 125 In 2012 the company launched PayPal Here a small business mobile payment system that includes a combination of a free mobile app and a small card reader that plugs into a smart phone 126 PayPal launched an updated app for iOS and Android in 2013 that expanded its mobile app capabilities by allowing users to search for local shops and restaurants that accept PayPal payments order ahead at participating venues and access their PayPal Credit accounts formerly known as Bill Me Later 120 On October 21 2020 PayPal announced a new service allowing customers to use cryptocurrencies to shop at 26 million merchants on the network starting in 2021 Paypal has been using Paxos Trust to provide the back end infrastructure allowing users to manage and trade cryptocurrencies in accordance to data privacy rules and financial regulations Paxos has been in charge of acquiring the necessary regulatory approvals for Paypal to facilitate cryptocurrency assets As part of the announcement PayPal secured the first conditional cryptocurrency license from the New York State Department of Financial Services which will allow customers to purchase cryptocurrencies such as Bitcoin Litecoin Ethereum and Bitcoin Cash 127 128 129 In March 2022 PayPal introduced a flat fee structure for cryptocurrency transactions under 200 transactions over 200 incur a 1 8 fee for purchases or sales up to 1 000 and 1 5 for any transaction amount greater than 1 000 130 As of 2022 update PayPal operates in 202 markets and has 426 million active registered accounts PayPal allows customers to send receive and hold funds in 25 currencies worldwide 131 Business model evolution edit PayPal s success in users and volumes was the product of a three phase strategy described by former eBay CEO Meg Whitman First PayPal focused on expanding its service among eBay users in the US Second we began expanding PayPal to eBay s international sites And third we started to build PayPal s business off eBay 132 Phase 1 edit In the first phase payment volumes were coming mostly from the eBay auction website The system was very attractive to auction sellers most of which were individuals or small businesses that were unable to accept credit cards and for consumers as well In fact many sellers could not qualify for a credit card Merchant account because they lacked a commercial credit history The service also appealed to auction buyers because they could fund PayPal accounts using credit cards or bank account balances without divulging credit card numbers to unknown sellers PayPal employed an aggressive marketing campaign to accelerate its growth depositing 10 in new users PayPal accounts 132 Phase 2 edit Until 2000 PayPal s strategy was to earn interest on funds in PayPal accounts However most recipients of PayPal credits withdrew funds immediately Also many senders funded their payments using credit cards which cost PayPal roughly 2 of payment value per transaction citation needed To solve this problem PayPal tailored its product to cater more to business accounts Instead of relying on interests earned from deposited funds PayPal started relying on earnings from service charges They offered seller protection to PayPal account holders provided that they comply with reimbursement policies For example PayPal merchants are either required to retain a traceable proof of shipping to a confirmed address or to provide a signed receipt for items valued over 750 citation needed Phase 3 edit After fine tuning PayPal s business model and increasing its domestic and international penetration on eBay PayPal started its off eBay strategy This was based on developing stronger growth in active users by adding users across multiple platforms despite the slowdown in on eBay growth and low single digit user growth on the eBay site A late 2003 reorganization created a new business unit within PayPal Merchant Services to provide payment solutions to small and large e commerce merchants outside the eBay auction community Starting in the second half of 2004 PayPal Merchant Services unveiled several initiatives to enroll online merchants outside the eBay auction community including 132 Lowering its transaction fee for high volume merchants from 2 2 to 1 9 while increasing the monthly transaction volume required to qualify for the lowest fee to 100 000 Encouraging its users to recruit non eBay merchants by increasing its referral bonus to a maximum of 1 000 versus the previous 100 cap Persuading credit card gateway providers including CyberSource and Retail Decisions USA to include PayPal among their offerings to online merchants Hiring a new sales force to acquire large merchants such as Dell Apple s iTunes and Yahoo Stores which hosted thousands of online merchants Reducing fees for online music purchases and other micropayments Launching PayPal Mobile which allowed users to make payments using text messaging on their cell phonesGlobal reach edit PayPal can be used in more than 200 countries regions 133 Different countries have different conditions Send only Package Service allows sending only valid in 97 countries PayPal Zero package suggests the possibility of enrollment entry and withdrawal of funds in foreign currency but the user can not hold the balance PayPal account operates in 18 countries SRW Send Receive Withdrawal the possibility of enrollment input output and the ability to keep your PayPal account balance in the currency and to transfer to the card when the user sees fit operates in 41 countries and Local Currency SRW plus opportunity to conduct transactions in the local currency 21 countries China edit In July 2017 PayPal announced a partnership with Baidu to allow the Chinese firm s 100 million mobile wallet users to make payments to PayPal s 17 million merchants through the Baidu service 134 Crimea edit In January 2015 PayPal ceased operations in Crimea in compliance with international sanctions against Russia and Crimea 135 India edit As of March 2011 PayPal has made changes to the User Agreement for Indian users to comply with Reserve Bank of India regulations 136 The per transaction limit had been set to USD 3 000 since October 14 2011 However on July 29 2013 PayPal increased the per transaction limit to USD 10 000 137 This brings the per transaction limit for India in line with the restrictions imposed by PayPal in most other countries PayPal has disabled sending and receiving personal payments in India thus forcing all recipients to pay a transaction fee 138 PayPal plans to make India an incubation center for the company s employee engagement policies In 2012 PayPal hired 120 people for its offices in Chennai and Bengaluru 139 On 8 November 2017 PayPal launched domestic operations under PayPal Payments Private Limited and now provides digital payment solutions for merchants and customers in India 140 As of 2020 Paypal supports the domestic card system RuPay and is planning to further integrate Unified Payment Interface UPI in collaboration with National Payments Corporation of India NPCI 141 PayPal now has the largest global engineering team in India outside of the US which is spread over Bengaluru Chennai and Hyderabad 142 Israel and Palestinian Territories edit PayPal is available in Israel 143 but is not available in the Palestinian territories Nor can Palestinians working in the West Bank or Gaza access it but Israelis living in settlements in the West Bank can use PayPal This decision has prompted Palestinian tech companies to seek a policy change from PayPal 144 Japan edit In late March 2010 new Japanese banking regulations forced PayPal Japan to suspend the ability of personal account holders registered in Japan from sending or receiving money between individuals and as a result are now subject to PayPal s business fees on all transactions 145 146 Pakistan edit In Pakistan users can use Xoom a money transfer service owned by PayPal 147 In October 2018 Pakistan s government used Xoom to help crowdsource funds for the purpose of building two dams 148 The government of Pakistan is trying to convince PayPal administration to launch its service in the country but PayPal is not ready to introduce its services there 149 Turkey edit Eight years after the company first started operating in the country Paypal ceased operations in Turkey on 6 June 2016 when Turkish financial regulator BDDK denied it a payment license The regulators had demanded that PayPal s data centers be located inside Turkey to facilitate compliance with government and court orders to block content and to generate tax revenue PayPal said that the closure will affect tens of thousands of businesses and hundreds of thousands of consumers in Turkey 150 151 Sri Lanka edit In January 2017 the PayPal team was scheduled to visit Sri Lanka in mid January to re establish links 152 In Sri Lanka as of 2021 PayPal can be used only to send money 153 Russia edit In March 2022 PayPal suspended all activities in Russia due to 2022 Russian invasion of Ukraine 154 Ukraine edit In March 2022 PayPal expanded its services for Ukrainian accounts allowing them to send and receive money from friends and family Previously PayPal users in Ukraine could only send money internationally from their accounts not receive it 155 Kenya edit In 2018 PayPal and Safaricom collaborated to enable Kenyans to perform MPESA transactions by leveraging on the latter s mobile money service 156 Indonesia edit This article needs to be updated Please help update this article to reflect recent events or newly available information August 2022 In 30 July 2022 Kominfo blocked PayPal due PSE regulation Many PayPal users in Indonesia are concerned as some of them stored lot of their money in this platform 157 The service had been temporarily unblocked for 5 days for users to withdraw their money from the platform 158 The main reason is that PayPal have yet to get a permit from Bank Indonesia and Otoritas Jasa keuangan 159 PayPal had been unblocked in 3 August 2022 after registering 160 PayPal Giving Fund edit PayPal Giving Fund is a registered charity supported by PayPal that streamlines donations to non profit organizations 161 162 163 Digital marketing with PayPal editPayPal launches different marketing activities in various channels and emphasizes that consumers can use it in different ways 164 PayPal s marketing includes TV commercials outdoor advertising Facebook and display advertisement 164 PayPal provides free analytics to traders about the ways that consumers utilize online payments 165 Through the free tracking service PayPal assists traders in targeting consumers PayPal s code gathers the consumer information which can be installed on the trader s website 165 Both PayPal and traders benefit from the free service PayPal partners with Synchrony Financial to provide the PayPal Cashback Mastercard which offers 2 cash back to customers who use the card to make purchases both online and in physical stores 166 PayPal s cashback financial service promotes the number of potential customers Apple allows PayPal as a mode of payment for App Store Apple Music iTunes and Apple Books 167 PayPal can increase usage of Apple platforms In addition PayPal receives revenue from Apple services especially from the App Store 168 Customers can use PayPal to make purchases by linking their PayPal accounts to their Apple IDs 167 Regulation editThiel a founder of PayPal has stated that PayPal is not a bank because it does not engage in fractional reserve banking 169 Rather PayPal s funds that have not been disbursed are kept in commercial interest bearing checking accounts 170 In the United States PayPal is licensed as a money transmitter on a state by state basis 171 172 But state laws vary as do their definitions of banks narrow banks money services businesses and money transmitters Although PayPal is not classified as a bank the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act 173 The most analogous regulatory source of law for PayPal transactions comes from peer to peer P2P payments using credit and debit cards Ordinarily a credit card transaction specifically the relationship between the issuing bank and the cardholder is governed by the Truth in Lending Act TILA 15 U S C 1601 1667f as implemented by Regulation Z 12 C F R 226 TILA Z TILA Z requires specific procedures for billing errors dispute resolution and limits cardholder liability for unauthorized charges 174 Similarly the legal relationship between a debit cardholder and the issuing bank is regulated by the Electronic Funds Transfer Act EFTA 15 U S C 1693 1693r as implemented by Regulation E 12 C F R 205 EFTA E EFTA E is directed at consumer protection and provides strict error resolution procedures However because PayPal is a payment intermediary and not otherwise regulated directly TILA Z and EFTA E do not operate exactly as written once the credit debit card transaction occurs via PayPal Basically unless a PayPal transaction is funded with a credit card the consumer has no recourse in the event of fraud by the seller 174 In 2008 PayPal Europe was granted a Luxembourg banking license which under European Union law allows it to conduct banking business throughout the EU 175 It is therefore regulated as a bank by Luxembourg s banking supervisory authority the Commission de Surveillance du Secteur Financier CSSF 176 177 178 All of the company s European accounts were transferred to PayPal s bank in Luxembourg in July 2007 179 Prior to this move PayPal had been registered in the United Kingdom as PayPal Europe Ltd an entity which was licensed as an Electronic Money Issuer with the UK s Financial Services Authority FSA from 2004 This ceased in 2007 when the company moved to Luxembourg 180 In India as of January 2010 PayPal has no cross border money transfer authorization In The New York Times article India s Central Bank Stops Some PayPal Services Reserve Bank of India spokesman Alpana Killawalla stated Providers of cross border money transfer service need prior authorization from the Reserve Bank under the Payment and Settlement Systems Act PayPal does not have our authorization 181 PayPal is not listed in the Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act 2007 for Setting up and Operating Payment System in India 182 PaisaPay is an Indian sister service to PayPal It is also owned by eBay 183 PaisaPay makes possible payments from abroad by PayPal account holders to Indian sellers on eBay in In Australia PayPal is licensed as an authorised deposit taking institution ADI and is thus subject to Australian banking laws and regulations 184 In Singapore PayPal holds a stored value facility that does not require the approval of the Monetary Authority of Singapore 185 Safety and protection policies editThe PayPal Buyer Protection Policy states that customers may file a buyer complaint for not receiving an item or if the purchased item was significantly not as described The customer can open a dispute within 180 days from the date of payment and escalate it to a claim within 20 days from opening the dispute Buyers using a credit card might get a refund via chargeback from their credit card company However in the UK where such a purchaser is entitled to specific statutory protections that the credit card company is a second party to the purchase and is therefore equally liable in law if the other party defaults or goes into liquidation under Section 75 Consumer Credit Act 1974 the purchaser loses this legal protection if the card payment is processed via PayPal 186 Also the Financial Ombudsman Service for the U K position is that section 75 protection does not apply where PayPal or any eMoney service becomes involved in the credit card transaction This leaves consumers with no recourse to pursue their complaint with the Financial Ombudsman Service They would only have recourse in the courts but in any event they cannot because PayPal is incorporated in Luxembourg and since the UK has left the EU is now no longer within the jurisdiction of any UK Courts The key issues that determine the applicability of section 75 are identified very clearly in Office of Fair Trading v Lloyds TSB Bank Plc and others 2006 EWCA Civ 268 7 and the Bank of Scotland v Alfred Truman a firm 2005 EWHC 583 QB This is a legal authority that section 75 protection does exist where one has paid on a credit card for a product via an eMoney service 187 According to PayPal it protects sellers in a limited fashion via the Seller Protection Policy In general the Seller Protection Policy is intended to protect the seller from certain kinds of chargebacks or complaints if the seller meets certain conditions including proof of delivery to the buyer PayPal states the Seller Protection Policy is designed to protect sellers against claims by buyers of unauthorized payments and against claims of non receipt of any merchandise The policy includes a list of Exclusions which itself includes Intangible goods Claims for receipt of goods not as described and Total reversals over the annual limit 188 There are also other restrictions in terms of the sale itself the payment method and the destination country the item is shipped to simply having a tracking mechanism is not sufficient to guarantee the Seller Protection Policy is in effect The PayPal Seller Protection Policy does not provide the additional consumer protection afforded by UK consumer legislation most notably the Consumer Rights Act 2015 and in addition it cannot be enforced in the Courts because PayPal operates from Luxembourg outside all three of the UK legal jurisdictions 189 Security editSecurity token edit Main article Security token In early 2006 PayPal introduced an optional security key as an additional precaution against fraud 190 A user account tied to a security key has a modified login process Account holders enter their login ID and password as normal but are then prompted to enter a six digit code provided by a credit card sized hardware security key or a text message sent to the account holder s mobile phone For convenience users may append the code generated by the hardware key to their password in the login screen This way they are not prompted for it on another page This method is required for some services such as when using PayPal through the eBay application on iPhone This two factor authentication is intended to make it difficult for an account to be compromised by a malicious third party without access to the physical security key although it does not prevent the so called Man in the Browser MITB attacks However the user or malicious third party can alternatively authenticate by providing the credit card or bank account number listed on their account Thus the PayPal implementation does not offer the security of true two factor authentication 191 MTAN edit It is also possible to use a mobile phone to receive an mTAN Mobile Transaction Authentication Number via SMS 192 Use of a security code that is sent to the account holder s mobile phone is currently free 193 Fraud editAs early as 2001 PayPal had substantial problems with online fraud especially international hackers who were hacking into PayPal accounts and transferring small amounts of money out of multiple accounts Standard solutions for merchant and banking fraud might use government criminal sanctions to pursue the fraudsters But with PayPal losing millions of dollars each month to fraud while experiencing difficulties with using the FBI to pursue cases of international fraud PayPal developed a fraud monitoring system to detect potentially fraudulent transactions 194 This development of fraud monitoring software at PayPal led Peter Thiel to create Palantir a big data security company whose original mission was to reduce terrorism while preserving civil liberties 195 150 000 PayPal cards frozen edit In 2015 150 000 Spanish cardholders had their funds frozen in an apparent fraud case involving a PayPal service provider Younique Money which was the de facto administrator of the cards Previously PayPal had charged 15 to all its card users without authorization 150 000 users As of March 2015 most funds had not been returned 196 197 198 Criticism and controversies editSee also Criticism of eBay In 2003 PayPal voluntarily ceased serving as a payment intermediary between gambling websites and their online customers At the time of this cessation it was the largest payment processor for online gambling transactions In 2010 PayPal resumed accepting such transactions but only in those countries where online gambling is legal and only for sites which are properly licensed to operate in said jurisdictions 199 Since at least 2005 PayPal has maintained an Acceptable Use policy which disallows transactions involving items that are considered obscene or certain sexually oriented materials or services Their enforcement of this policy has been a constant source of controversy between PayPal and people within or related to the sex industry In 2014 PayPal notified subscription service provider Patreon that it was moving to cease integration with Patreon as a platform as the result of Patreon permitting adult content on their platform Patreon subsequently removed access to PayPal services for creators who produced sexual content 200 If an account is subject to fraud or unauthorized use PayPal puts the Limited Access designation on the account PayPal has had several notable cases in which the company has frozen the account of users such as Richard Kyanka owner of the website Something Awful in September 2005 201 Cryptome in March 2010 202 203 204 or April Winchell the owner of Regretsy in December 2011 The account was reinstated and PayPal apologized and donated to her cause 205 In September 2010 PayPal froze the account of the Minecraft developer Markus Persson Persson stated publicly that he had not received a clear explanation from PayPal as to why the account was frozen and that PayPal was threatening to keep the money in the account if they found any suspicious activity His account contained around 600 000 655 842 USD 206 PayPal s partner MasterCard ceased taking donations to WikiLeaks in 2010 and PayPal also suspended and later permanently restricted payments to the website after the U S State Department said WikiLeaks was engaged in illegal activities Online supporters and activists retaliated by subjecting PayPal and MasterCard along with other companies to coordinated cyber attacks 207 In February 2011 PayPal unbanned the account of a website that supports Iraq War resisters after it had enough information to fulfill its know your customer guidelines The Chelsea Manning Support Network claimed the backdown was a reaction to a petition to the company to reinstate the account 208 In May 2013 PayPal declined to pay a reward offered in its Bug Bounty Program 209 to a 17 year old German student who had reported a cross site scripting flaw on its site 210 The company wrote that the vulnerability had been previously reported and chastised the youth for disclosing the issue to the public but uniquely sent him a Letter of recognition for the discovery 211 In August 2013 entrepreneurs who had used PayPal to collect the funds they raised on crowdfunding platforms like Kickstarter and Indiegogo reported difficulty in being able to withdraw the money Victims included Ouya GlassUp a rival to Google Glass and Mailpile 212 213 In May 2014 PayPal blocked the account of a Russian human rights organisation RosUznik which supported political prisoners arrested at Bolotnaya Square 214 215 As of January 2015 a class action lawsuit against PayPal has been filed in Israel 216 claiming that they arbitrarily froze accounts and held funds for up to 180 days without paying interest and thereby directly profited from it In the examples given in the lawsuit PayPal had received complaints against small vendors which were later resolved but the PayPal account was closed The lawsuit requests that PayPal be declared a monopoly and thus regulated accordingly In April 2015 The Guardian reported that PayPal had blocked the account of London based human rights group Justice for Iran 217 In May 2015 PayPal blocked an account intended to raise money for the distribution of Boris Nemtsov s report Putin War 218 219 The explanation by PayPal was that PayPal does not offer the opportunity to use its system for collecting funds to finance the activities of political parties or for political aims in Russia though PayPal s Acceptable Use Policy does not mention financing for political goals 220 Non governmental organization Freedom House issued a statement that PayPal should immediately lift this ban to help rather than hinder press freedom in Russia 221 In September 2015 PayPal reappeared as a payment processor at some newly legalized US online gambling sites operating in the state of New Jersey 222 Since the May 14 2018 Supreme Court of the United States overturn of the Professional and Amateur Sports Protection Act of 1992 PayPal has been widely available to customers in states where sports betting has been legalized for both depositing and withdrawing money 223 By 2016 ConsumerAffairs had received over 1 200 consumer reviews of PayPal resulting in an overall satisfaction rating of one star out of five for the company 224 Consumers have also launched numerous anti PayPal Facebook pages and Twitter accounts to air their complaints 225 In February 2017 PayPal froze the account of News Media Canada a Canadian trade association in response to a payment from The Reminder a Flin Flon Manitoba community newspaper intended to cover the fee for the Reminder s submission of articles for consideration in a nationwide journalism contest run by News Media Canada including one discussing Syrian refugees PayPal cited United States regulations as a reason for flagging the transaction between Canadian entities 226 In September 2018 PayPal banned radio host Alex Jones and his website InfoWars claiming that his site has content that was hateful and discriminatory against certain religious groups 227 PayPal discontinued payments to Pornhub models on November 14 2019 228 alleging that Pornhub has made certain business payments through PayPal without seeking our permission 229 Pornhub criticized the decision as one that affected over a hundred thousand performers who rely on them for their livelihoods and steered its payees toward other payment options 229 230 In September 2020 PayPal issued new terms of service which introduced a fee for inactive accounts in 19 countries PayPal sent its clients an e mail about the updated terms but didn t mention introducing such a fee 231 PayPal faced criticism over their policies related to changing the name on a user s account Critics cited the complicated system involved in changing names which require legal and government issued identification This system has been seen as impacting transgender users who find trouble in using preferred names and pronouns 232 In July 2021 PayPal announced a plan to collaborate with the Anti Defamation League s Center on Extremism the League of United Latin American Citizens and several other nonprofits to analyze its users transactions in order to investigate the finances of extremist and hate groups in the United States and share the results with law enforcement policymakers and other financial corporations 233 234 the ADL s CEO Jonathan Greenblatt stated that this initiative is meant to help mitigat e extremist threats 234 In September 2022 PayPal shut the accounts of the British social commentator Toby Young and two connected organisations the Free Speech Union and The Daily Sceptic website PayPal said that the accounts were closed because of breaches of its acceptable use policy apparently because of alleged misinformation about COVID 19 vaccines 235 PayPal reversed the decision a few days later 236 237 In October 2022 PayPal published an update to their acceptable use policy which included a 2 500 fine for the accounts of users PayPal deemed to have been promoting misinformation Former PayPal president David A Marcus criticized the change tweeting that PayPal s new AUP goes against everything I believe in Elon Musk co founder of X com which later merged with Confinity to form PayPal also criticized the change Following media scrutiny and criticism on social media PayPal removed the updated policy from their website stating An AUP notice recently went out in error that included incorrect information PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy Our teams are working to correct our policy pages 238 239 Litigation editIn March 2002 two PayPal account holders separately sued the company for alleged violations of the Electronic Funds Transfer Act EFTA and California law Most of the allegations concerned PayPal s dispute resolution procedures The two lawsuits were merged into one class action lawsuit In re PayPal litigation An informal settlement was reached in November 2003 and a formal settlement was signed on June 11 2004 The settlement requires that PayPal change its business practices including changing its dispute resolution procedures to make them EFTA compliant as well as making a US 9 25 million payment to members of the class PayPal denied any wrongdoing 240 In June 2003 Stamps com filed a lawsuit against PayPal and eBay claiming breach of contract breach of the implied covenants of good faith and fair dealing and interference with contract among other claims In a 2002 license agreement Stamps com and PayPal agreed that Stamps com technology would be made available to allow PayPal users to buy and print postage online from their PayPal accounts Stamps com claimed that PayPal did not live up to its contractual obligations and accused eBay of interfering with PayPal and Stamps com s agreement hence Stamps com s reasoning for including eBay in the suit 241 242 Craig Comb and two others filed a class action against PayPal in Craig Comb et al v PayPal Inc They sued alleging illegal misappropriation of customer accounts and detailed their customer service experiences including freezing deposited funds for up to 180 days until disputes were resolved by PayPal PayPal argued that the plaintiffs were required to arbitrate their disputes under the American Arbitration Association s Commercial Arbitration Rules The court ruled against PayPal stating that the User Agreement and arbitration clause are substantively unconscionable under California law 243 Paypal agreed to pay 9 25 million as a result of the case 244 In September 2002 Bank One Corporation sued PayPal for allegedly infringing its cardless payment system patents 245 The following year PayPal countersued claiming that Bank One s online bill payment system was an infringement against PayPal s online bill payment patent issued in 1998 246 The two companies agreed on a settlement in October 2003 247 In November 2003 AT amp T Corporation filed suit against eBay and PayPal claiming that their payment systems infringed an AT amp T patent filed in 1991 and granted in 1994 248 The case was settled out of court the following month with the terms of the settlement undisclosed 249 In June 2011 PayPal and Israel Credit Cards Cal Ltd were sued for NIS 16 million The claimants accused PayPal of deliberately failing to notify its customers that ICC Cal was illegally charging them for currency conversion fees 250 A class action lawsuit filed in 2010 was settled in 2016 in which the plaintiffs contested PayPal s holds on funds PayPal has proposed a settlement in the amount of 3 2 million in Zepeda v PayPal which has yet to be ratified As part of the settlement the company agreed to change some of its policies 251 CFPB consent edit On 21 May 2015 PayPal agreed that PayPal Credit would pay a 25 million fine to settle a complaint filed in federal court by the Consumer Financial Protection Bureau 121 The complaint alleged that consumers using 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ייצוגית ב 154 מ ש פייפאל חוסמת חשבונות באופן שרירותי Representative at 154m PayPal arbitrarily blocks accounts Globes January 5 2015 Archived from the original on January 7 2015 Retrieved January 5 2015 PayPal blocks Iranian human rights group s account over sanctions The Guardian April 21 2015 Archived from the original on April 22 2017 Retrieved April 22 2017 Paypal Blocks Russian Account Linked to Nemtsov Report on Ukraine News The Moscow Times May 15 2015 Archived from the original on May 20 2015 Retrieved September 5 2015 Boris Nemtsov s parting shot The Economist May 13 2015 Archived from the original on July 1 2017 Retrieved September 5 2015 PayPal Blocks Donations for Printing Boris Nemtsov s Ukraine War Report Global Voices Global Voices May 15 2015 Archived from the original on August 1 2015 Retrieved September 5 2015 PayPal Blocks Donations for Report on Russian Actions in Ukraine Archived from the original on June 3 2015 Retrieved September 5 2015 PayPal quietly re enters online gaming www cnbc com September 15 2015 Archived from the original on April 28 2023 Retrieved April 28 2023 PayPal Sports Betting Sites www sportsbetting3 com Archived from the original on April 28 2023 Retrieved April 28 2023 PayPal ConsumerAffairs Archived from the original on October 13 2016 Segal David October 12 2013 Stuck in a Dispute Between PayPal and Itself The New York Times Archived from the original on October 9 2016 Retrieved February 18 2017 via NYTimes com PayPal freezes Canadian media company s account over a story about Syrian family Archived from the original on August 4 2020 Retrieved March 14 2020 PayPal bans Infowars over hate speech Archived September 24 2018 at the Wayback Machine September 23 2018 via Michael Kan PayPal Bans Infowars Over Hate Speech Archived June 15 2020 at the Wayback Machine PCMag September 21 2018 Sharma Vibhuti November 14 2019 PayPal halts payment support to PornHub models Reuters Archived from the original on November 15 2019 Retrieved November 15 2019 a b Cole Samantha November 14 2019 PayPal Pulls Out of Pornhub Hurting Hundreds of Thousands of Performers Vice Archived from the original on November 15 2019 Retrieved November 15 2019 Peters Jay November 14 2019 PayPal abruptly cuts off Pornhub s payroll leaving performers with few payment options The Verge Archived from the original on November 15 2019 Retrieved November 15 2019 Pozor na neaktivni PayPal ucet hrozi poplatek Dotekomanie cz in Czech September 30 2020 Archived from the original on March 20 2021 Retrieved October 1 2020 PayPal under fire over policy that stops transgender people changing their names Daily Mirror June 27 2021 Archived from the original on December 7 2021 Retrieved December 7 2021 PayPal Partners with ADL to Fight Extremism and Protect Marginalized Communities PayPal Newsroom July 26 2021 Archived from the original on July 31 2021 Retrieved July 31 2021 a b Irrera Anna July 26 2021 PayPal to research transactions that fund hate groups extremists Reuters Archived from the original on July 30 2021 Retrieved July 31 2021 James Beal September 22 2022 PayPal Free Speech Union accounts shut over Covid misinformation The Times ISSN 0140 0460 Archived from the original on September 23 2022 Retrieved September 23 2022 via www thetimes co uk Free Speech Union SpeechUnion September 27 2022 PayPal has just reversed its decision to deplatform the Free Speech Union and apologised Tweet via Twitter Diver Tony Bodkin Henry September 27 2022 PayPal reinstates Free Speech Union accounts after being accused of politically motivated ban The Telegraph ISSN 0307 1235 Archived from the original on September 28 2022 Retrieved September 28 2022 via www telegraph co uk Caroline Downey October 8 2022 PayPal Pulls Back Says It Won t Fine Customers 2 500 for Misinformation after Backlash National Review Archived from the original on October 8 2022 Retrieved October 9 2022 De Wei Low October 10 2022 PayPal Says It Never Intended to Fine Users for Misinformation Bloomberg Archived from the original on October 11 2022 Retrieved October 11 2022 Settlement Agreement PDF June 11 2004 Archived from the original PDF on June 26 2011 Retrieved August 6 2008 Technology Briefing Internet Stamps com Files Breach Of Contract Suit Against eBay The New York Times June 26 2003 Archived from the original on July 1 2017 Retrieved November 24 2014 Stamps com Asserts Breach of Contract Claim Against PayPal and eBay April 23 2008 Archived from the original on October 9 2007 Retrieved August 27 2007 Comb v PayPal Inc January 21 2007 Archived from the original on July 15 2006 Retrieved July 29 2006 Christophi Helen March 27 2017 Judge Approves 4M Deal Over Closed PayPal Accounts Archived from the original on September 5 2020 Retrieved August 9 2020 PayPal Hit With Patent Infringement Lawsuit Archived January 7 2012 at the Wayback Machine PC World September 10 2002 Internet PayPal Sues Bank One Over Patent Infringement The New York Times April 23 2008 Archived from the original on December 6 2008 Retrieved February 18 2017 eBay Bank One Settle Patent Suit Archived October 7 2011 at the Wayback Machine Law360 October 20 2003 Festa Paul April 23 2008 AT amp T sues eBay PayPal over patent Archived from the original on September 7 2020 Retrieved February 18 2020 eBay Tumbleweed settle patent suit Archived January 19 2013 at archive today CNET December 23 2003 Katzovitch Guy June 22 2011 ICC Cal Paypal sued in Tel Aviv court for NIS 16m Globes Archived from the original on October 29 2013 Retrieved June 23 2011 A NIS 16 million lawsuit was filed yesterday with the Tel Aviv District Court against Israel Credit Cards Cal Ltd ICC Cal Visa and PayPal Inc and the claimants have asked the court to recognize it as a class action suit PayPal Agrees to Change Business Practices in Lawsuit Settlement Archived from the original on September 16 2016 Retrieved September 15 2016 Marte Jonnelle May 19 2015 CFPB seeks to fine PayPal 25 million over credit allegations The Washington Post Archived from the original on January 23 2016 Retrieved January 21 2016 External links edit nbsp Wikimedia Commons has media related to PayPal Official website Business data for PayPal BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title PayPal amp oldid 1194777405, wikipedia, wiki, book, books, library,

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