PayPal Surpasses 100 Million Account Mark
PayPal has announced that it has surpassed 100 million user accounts enrolled in its service. "This growth reflects the rapid expansion of PayPal's network across the global Internet, including the eBay marketplaces as well as merchants all across the web," the company said in a press release.
"This milestone is a tremendous achievement for PayPal," said Jeff Jordan, president of PayPal. "We've spent the last seven years building a very safe, easy and convenient way to pay online. Our customers prefer to use PayPal because privacy is built right into the service -- they can shop online without sharing their financial information with sellers."PayPal is popular with online buyers and merchants alike. Shoppers prefer PayPal to send money, because it is fast and easy to use, and their financial information is protected and never shared with merchants or recipients. PayPal is also used by millions of online merchants, including leading e-commerce sites around the world. With PayPal, merchants can sell their goods to the millions of proven online shoppers that prefer PayPal, often seeing an incremental sales lift after adding PayPal to their sites.
PayPal began offering its service in 1999, ending that year with 12,000 accounts and $235,000 in total payment volume. In 2005, PayPal processed more than $27 billion in total payment volume and exceeded $1 billion in revenue. The company has localized services in 14 countries and supports payments in seven currencies -- U.S. Dollars, Canadian Dollars, Australian Dollars, Euros, Pounds Sterling, Japanese Yen and Chinese Yuan.
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