Innovations include one of the web's first commercial implementations of CAPTCHA (in the form of the Gausebeck-Levchin test) and a program called "Igor" that identified and froze online activity that appeared fraudulent. This would prove to be one of PayPal's decisive sources of advantage, as the costs of fraud had constrained its ability to offer affordable services. Max Levchin spearheads efforts to reduce fraud. The company also decisively switches away from the X.com brand, even though its official name continues to be X.com. The company closes X.com's financial services in order to focus on the online payment system. ![]() Musk continues to stay on the board of directors. PayPal introduces paid accounts for buyers and sellers that require verification and offer guarantees against fraud.Įlon Musk steps down as CEO and Peter Thiel takes over as interim CEO. ![]() The reason for Harris' departure appears to be his inability to handle the scaling issues posed by PayPal's rapid growth, as well as his continued focus on unproductive approaches such as striking deals with small and unreliable startups. Musk takes over the role of CEO and Thiel becomes chairman. The top tier at Confinity receive vice-presidential titles at the new company. Bill Harris remains CEO of the new entity, while Elon Musk remains chairman. įebruary (discussions), March 2 (announcement)Ĭonfinity and X.com merge, and the new entity is officially called X.com. This could pose a serious threat to PayPal, because eBay auctions are a major source of user acquisition for it. ĮBay announces Billpoint, its in-house payment service, in collaboration with Wells Fargo. Ĭonfinity identifies eBay as a promising area to acquire users, because of the high concentration of buyers and sellers and the absence of any standard payment system for them to use. įinancial services company X.com, headed by chairman Elon Musk and CEO Bill Harris, adds online payment to its online account service, and makes it their product focus. Ĭonfinity launches a fully functional PayPal website and the staff send emails to their friends offering $1 for signing up. At the launch party in July, Nokia Ventures uses PayPal to send $3 million in venture capital investment on-stage. Ĭonfinity announces the launch of online payment service PayPal, intended to be usable via a web browser and via a Palm Pilot. X.com, the company that would later merge with Confinity to become PayPal, is launched by Elon Musk. The company idea is due to Max Levchin, and Thiel is initially interested only in being an investor, but Levchin convinces Thiel to become CEO of the company. Ĭonfinity, the company that would later launch the first version of PayPal, is founded by Max Levchin, Peter Thiel, Luke Nosek, Yu Pan, Ken Howery, and Russel Simmons. The spinoff from eBay is completed on July 20, 2015, with the company trading independently under the ticker "PYPL" on the NASDAQ. It is announced that PayPal will be split off eBay. It acquires competitor startup Braintree, a payments gateway company. It debuts new hardware and collaborates with brick and mortar stores for its in-store payments options. PayPal moves aggressively into new territory, including micropayments, mobile payments, in-store payments, international expansion, and more tools for small and medium businesses. The product and userbase grow steadily, faster than the parent company eBay. PayPal is acquired by eBay for $1.5 billion in eBay stock. PayPal competes fiercely with Billpoint, raises a huge amount of money, and even IPOs in February 2002. ![]() eBay responds with its own payment service, Billpoint. PayPal adopts eBay as a key platform to grow its userbase, because of the need for an online payment system on eBay. The combined entity, initially called X.com, later changes its name to PayPal. The first iteration of the PayPal product is released by Confinity in later 1999.Ĭonfinity and X.com merge. The two companies, Confinity and X.com, that will eventually merge to become PayPal, launch separately and build competing financial products. This is a timeline of online money transfer and e-commerce service PayPal, owned by eBay from 2002 to 2015 and an independent company before and after that. Timeline of the history of PayPal Holdings, Inc.
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