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Thursday, April 14, 2011

The People behind Paypal

A few years ago, internet users have been facing problems doing financial transaction over the internet. Since, internet transactions have required the use of credit cards; people could not give their full trust to the service. You can blame it to the fact that there are unscrupulous hackers that lie and wait to grab opportunities to steal valuable information like that for personal profit. I have heard stories of credit card users, whose accounts have been hacked and lost thousands of bucks.
Aside from that, many internet users do not have credit cards so they could not enter into any transaction over the net.

Peter Andreas Thiel
Then Paypal  has come. It is a secure and innovative way to make online money transfer. It helps people who try to earn online enormously. Sending and receiving money has become easier and safer. Although, it still requires linking a valid credit card, it also accepts debit cards in case a credit card is unavailable and that makes it more useful to many.

People behind Paypal

Elon Musk
Thanks to Peter Andreas Thiel, a German descent American entrepreneur and venture capitalist who have founded Paypal along with Elon Musk, an American engineer and entrepreneur, and Max Levchin, a Ukrainian-born computer scientist and former chief technology officer of Paypal.  Thiel have been the CEO of Paypal until eBay has acquired the company in October of 2002.
Max Levchin

Brief History and Confinity are two online financial companies that merged in the year 2000 to form a new online company. offered payment service through email and Confinity beamed money between Palm Pilots. The merged company concentrated on email payments through a domain acquired as part of Confinity, which is Paypal. Then formally changed its name to Paypal in February of 2001. In October of 2002, eBay acquired Paypal for US$1.5 billion in stock (wikipedia).

Technology caters to peoples’ needs. Innovation makes technology simpler for users. It feels exciting to wait how technologists would develop e-money in the future.

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