The internet world is used to be full of risks. If you buy online from any unauthorized seller, there could be a lot of payment issues as sometimes sharing unsecured credit card or bank details can definitely lead to fraud and hacking. And that’s where it came to rescue us. So, let’s know why is PayPal called PayPal?
Online Payments
When the internet & online shopping were gaining popularity in the late 1990s; such incidents started to be in the news. The online store started trending but the unsafe payment methods made the customers uncertain and unsatisfied that is where PayPal was opened by Max Levchin and Peter Thiel to change this unsafe & unsatisfied payment system.
The internet is undoubtedly ruling the world. Everyone with good internet access will tell you that the internet is the biggest online store where we can order anything of our desire. Internet purchases are undoubtedly reliable in today’s time. People also order their daily necessities online. From cheese to clothes, a lot of things are purchased online.
Why Is It Called PayPal?
It is a service that focuses more on “paying your pals” from time to time according to your buys and needs in the unsafe cyber world. In 1998, Max Levchin and Peter Thiel came together for a project. That project was none other than a financial investment for a mobile money transfer startup called Field link.
When Field link started to struggle with less popularity among the people, the duo decided to rename the company PayPal which sounds a bit witty, easy, and catchy.
Why is it so popular?
No doubt it is one of the most successful companies in today’s times which has gained people’s trust widely. The company has managed to open 2 million accounts in less than 2 years through smart marketing. The company has always been amending the services to support business accounts. In 2002, It had more than 2.5 million users.
Elon musk decided that he will focus only on PayPal instead of creating other payment apps, in 2000. In no less time, It started to gain trust and popularity and then Musk has gone to found Tesla Motors, SpaceX, and SolarCity.
What is it so unique?
No doubt it has a unique name but it has unique qualities too, the mechanism of PayPal protects the buyer and the seller as it can hold money for up to 180 days in an account if there is proof of fraud or scam.
Time line of PayPal
No doubt this online payment system has established itself but there are a lot of important things to know about its beginning.
- August 1998, the duo gives a speech at Stanford University about global marketing, and a year later, they came with the idea of digital wallets.
- December 1998; PayPal is founded, but its original name was Confinity.
- October 1999, A company engineer develops an email-based payment technology.
- January 2000, The internet gave it a significant user-base boost.
- March 2000, It clears the 1 million customer mark.
History of PayPal
It was developed to meet the emerging needs of people who started shopping online. This application was no doubt a need more than a fantasy app. There is another story about PayPal: Elon Musk focused more on PayPal than x.com after his mate Harris left Musk alone with his other projects, which were no different from PayPal. PayPal had Musk’s full attention, which is another reason why it was successful.
Harris left x.com because he saw no future for x.com and PayPal if they were going to run together. Later, Musk also concluded that it needs to grow more before he starts with any other company. It was properly developed and given huge marketing so that it could gain massive popularity among Americans.
Conclusion
Paypal has been evolving constantly and amending rapidly with people’s demands and needs and there are a lot of ways through which this app has gained the trust of people. It has quite an interesting history with lots of struggles and blunders.
Today it is the most believed app in this pandemic; people buy online and pay online through this app as this app helps them not to step out of their homes and have a quick and secure payment all over the world. So, now we know why PayPal is called PayPal?
