From silver and gold bullion to cash and cards, the way we pay for things has really changed. This evolution became even more prominent with the advancement of technology, where people can now easily buy anything they want online. And in the world of digital payments, one giant overshadows all others – PayPal.
Online Payments have gone from strength to strength
Many countries, including Canada, have seen an exponential rise in online payments. Payments Canada, which establishes the framework under which Canadian payments function, conducted a study that discovered that 86% of Canadians made online purchases. We can only assume that the countless transactional systems used by different companies and platforms follow a similar pattern.
So, how important is it to people how they pay for things online? Well, online reviews rate those services according to the payment options they offer. We can see from a review that LeoVegas in Canada allows players to use many deposit and withdrawal methods, like iDebit and Skrill. People prefer sites that accept the payment method they prefer to use. But it’s about more than just convenience – providing a trusted payment method like PayPal is a sign of the platform’s security.
In general, online payment systems allow people to enjoy what they want and have the option of choosing the best way to pay without any hassle. And giving people plenty of choices is a great way to ensure they won’t be hindered at checkout. However, amongst all the different types of payment methods, from debit to crypto, one reigns supreme – PayPal.
The Growth of PayPal: From Online Payments to Global Reach
PayPal’s longstanding history is quite interesting. The company started out in 1998 as Confinity and then merged with X.com in 2000, going public with its current name in 2002. You might also recognize one big name initially associated with the company – Elon Musk. However, his time there was relatively short, with Peter Thiel swiftly replacing him.
eBay acquired PayPal in 2012, offering them a helping hand to burst into the financial scene. In fact, a quarter of eBay auctions were paid for with PayPal, and although they cut links in 2014, no one can dispute how important this symbiosis was for the company’s growth. In 2015, PayPal officially became a separate publicly traded company, further strengthening its position on the international stage by acquiring Xoom, another transfer provider.
PayPal continued acquiring companies and expanding its reach through purchases such as that of the browser extension Honey, which provides online coupons. Moreover, its partnerships with platforms like Instagram further solidified its position in the international financial scene. As it stands, PayPal is available in over 200 countries/regions. Moreover, it supports 25 currencies, such as the Canadian Dollar and Pound Sterling.
PayPal has made quite a splash in the global payments scene, making it easier for people worldwide to purchase whatever service or product they want. This level of convenience has ensured its continuous popularity amongst users and consumers alike. It will undoubtedly be interesting to see what PayPal has planned to secure its title as the king of digital payments.
