A Collection of Articles Tell The Story of PayPal
This post contains an abundant collection of hand-picked articles that reveal the whole story of Paypal! But first, a brief introduction before you get to the article section
In 1999 PayPal was voted one of the worst business ideas. Looking at it today, processing over three hundred million dollars and around five million transactions each day, plus 72% of online shoppers in the United States having a PayPal account, no one today can say this was a bad idea!
It was December of 1998 in Palo Alto California, that PayPal originally called “X,” was founded by six talented individuals; Max Levchin, Peter Thiel, Luke Nosek, Ken Howery, Yu Pan, and Russel Simmons.
Today, in North America, the company employs around 13,000 people. The company had a net income of over two billion US dollars in 2019.
From 100,000 to 286 million users, here’s how that started.
A brilliant marketing campaign gave the company a huge boost. It cost the company between 60-70 million dollars, which allowed them to acquire 100,000 customers the month they launched the site. The campaign consisted of giving every new signup a small cash reward and if you referred a friend you would also get a referral fee.