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Number Crunch: PayPal

Elon Musk is know for many things: inspiring Iron Man, starting Tesla and generally being a modern day Renaissance Man. He also really likes magnets.

But Elon got his start when he helped launch PayPal nearly 20 years ago. Read on to learn more about Musk’s original baby.

Pay it forward

PayPal was first launched in 1998, before going public in 2002. It was acquired by eBay later that year.

In June this year PayPal once more became an independant company.

Over a typical day PayPal processes 9.3 million payments. Put another way, PayPal's transactions clock up US$7000 per second.

Money pit

Business is good. In 2014 PayPal moved US$228 biillion in 26 currencies across nearly 200 countries.

Last year PayPal posted a total revenue of US$7.9 billion. That figure accounts for almost half of eBay's total profits.

Pay up

PayPal currently processes 30% of all electronic transactions in the US, while the average PayPal user makes 23 transactions every year.

These interactions are increasingly on-the-go, with 25% of PayPal's transactions happening on mobile.

PayPal.Me

In September this year PayPal launched PayPal.Me, a peer-to-peer servce that lets users send custom links to friends to request funds.
 

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SMK Editor

SMK Editor

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