PayPal is the most successful and most widely used online payment service in the world. These days, you can use PayPal for a wide number of things. Buying stuff online, sending invoices and getting paid for freelance work, and there are even PayPal casinos that allow you to gamble with your online funds.
In 2017, the total net income of PayPal reached $384 million.
Believe it or not, 87% of millennials are using PayPal to send or receive money. With all these facts, it’s hard to imagine PayPal’s way to the top was a rocky one.
Check out these 4 facts that you don’t know about PayPal.
1. PayPal was called a terrible idea.
In 1999, PayPal was voted as one of the 10 worst business ideas. At that time, PayPal was presented as a service, which allowed people to send money using their Palm Pilots.
2. The original team was called the “PayPal Mafia”.
PayPal was founded by a few remarkable people and who were called the “PayPal Mafia” (Ken Howery, Luke Nosek, Max Levchin, Peter Thiel, Elon Musk). After eBay bought the company most of them left PayPal, but almost all of them had already become a billionaire.
3. PayPal suffered numerous cyberattacks.
After WikiLeaks actions were acknowledged as illegal, a partner of PayPal, MasterCard, stopped accepting donations. As a result, a huge wave of cyberattacks started coming towards PayPal. These attacks caused PayPal losses worth more than £3.5m and the official blog of PayPal went offline for several hours.
4. PayPal Operations centre is not in Silicon Valley.
PayPal has 56 offices. But guess where their operations centre is? It’s in Nebraska, and it opened in 1999.
The article was created with the help of our friends from 16best.net