In Short

PayPal is a company that processes online payments around the world, allowing consumers to pay for products, send money to friends and family and much more with just a few clicks of their mouse. The company, which was founded in 1998 and went public in 2002, is one of the largest Internet payment companies in existence currently.

The company allows users to send and receive money not only through its own site and mobile apps, but also through a number of other online vendors and auction sites which use the service. With PayPal integration in multiple locations, customers are able to use the same log-in credentials to send and receive money in a variety of different ways.

Shortly after PayPal went public, the company was acquired by eBay for $1.5 billion. PayPal became a huge part of eBay, and nearly 70 percent of eBay transactions processed payments through the service. In 2014 the company moved $228 billion in 26 different currencies across more than 190 nations, which generated 44 percent of eBay's profits for the year.

In September 2014 it was announced that eBay would spin-off PayPal again into its own publicly traded company, and the move completed on July, 18 2015. Shortly after, PayPal launched a new service which offered peer-to-peer payments under the branding. PayPal makes it easy to send and receive money from your desktop and mobile phone, from just about anywhere in the world.