PayPal is a
global e-commerce business allowing payments and money transfers to be
made through the Internet. Online money transfers serve as electronic
alternatives to paying with traditional paper methods, such
as checks and money orders.
PayPal is an acquirer, performing
payment processing for online vendors, auction sites, and other
commercial users, for which it charges a fee. It may also charge a fee
for receiving money, proportional to the amount received. The fees
depend on the currency used, the payment option used, the country of
the sender, the country of the recipient, the amount sent and the
recipient's account type. In addition, eBay purchases made by credit
card through PayPal may incur extra fees if the buyer and seller use
different currencies.
On October 3, 2002, PayPal became a
wholly owned subsidiary of eBay. Its corporate headquarters are in San
Jose, California, United States at eBay's North First Street satellite
office campus. The company also has significant operations in Omaha,
Nebraska,Scottsdale, Arizona, and Austin, Texas, in the United
States, Chennai, Dublin, Kleinmachnow (near Berlin) and Tel Aviv. As of
July 2007, across Europe, PayPal also operates as a Luxembourg-based
bank.
On March 17, 2010, PayPal entered
into an agreement with China UnionPay (CUP), China's bankcard
association, to allow Chinese consumers to use PayPal to shop
online. PayPal is planning to expand its workforce in Asia to 2,000 by
the end of the year 2010.
Between December 4–9, 2010, PayPal
services were attacked in a series of denial-of-service
attacks organized by Anonymous in retaliation for PayPal's decision to
freeze the account of WikiLeaks citing terms of use violations over the
publication of leaked US diplomatic cables.
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