How PayPal transformed the world of ecommerce
In just a handful of years PayPal has come from nowhere to becoming a company that provides one of the leading ways for people to make and receive payments online.
By providing a service to make financial transactions between individuals and organisations, it’s done much to signal a shift in the way that we pay for goods and services that could one day liberate us from cash which has proven to be dirty, inefficient and prone to criminal activities.
Although PayPal was bought by the online auction site eBay, it split from the company last year and was listed on Nasdaq at an estimated value of $50 billion. And with PayPal reportedly moving over $200 billion in 26 currencies each year, it’s clear that it’s revolutionised the way that people can make payments online.
The split from eBay caused shockwaves across the financial world, but it marked a move towards facilitating payments with massive eCommerce enterprises such as Alibaba and Amazon. And with a growing range of smaller companies like Mr Smith Casino using the service to allow players to make deposits and receive payments on their slots, roulette and poker games, it’s become apparent that the easier methods of digital payment have increased the growth opportunities of many internet businesses.
Such revolutionary moves are all the more impressive given that PayPal was only started in 1998 by a group of investors that included the technological firebrand Elon Musk. And whilst the company has had its fair share of critics and made some pretty impressive administrative errors, it’s managed to create an online payment model that’s been the envy of the tech world and has spawned a series of copycats like Skrill who offer their own digital payment alternative.
Dealing with such a groundbreaking company has nonetheless proven to be an issue for many of the world’s governments who have sought to regulate and monitor the flow of financial transactions. Although it’s been stated that PayPal operates in 190 countries across the world, these are only the nations where people can send and receive money without restrictions.
As such the company has been trying to roll out its service more fully in new nations including Bangladesh which has just approved its launch. And with encouraging signs that PayPal could be coming to Pakistan, it looks like we will all soon get to enjoy this revolutionary and liberating digital payment experience.