PayPal is an online payment provider that performs online money transfers and payment processing for online vendors, auction sites and other commercial users. Founded in 1998, PayPal was acquired by eBay in 2002 and made a separate publicly traded company from eBay in July 2015. The company has since grown to become the most widely accepted digital payment methods amongst North American retailers.
In 2016, PayPal recorded annual payment volume of around 354.01 billion U.S. dollars with the segment for cross-border transactions accounting for almost a quarter its payment volume. With a net income that amounted to around 1.4 billion U.S. dollars in 2016, the company’s annual revenue for that same year stood at about 10.84 billion U.S. dollars. The vast majority of the company's revenue is generated from transaction fees across all its various payment products as well as from other value-added services such as interests and fees earned from credit loans, subscription fees, and partnerships. Mobile payment options are also available using PayPal’s online mobile app. The company’s annual mobile payment volume amounted to 102 billion U.S. dollars in 2016. PayPal currently ranks as one of the most popular mobile billing options in the U.S. and, according to a 2016 survey, is by far the most popular mobile wallet service used by U.S. consumers.
PayPal has been predicted to continue to be a major growth driver in the mobile payment industry and, as at the last quarter of 2016, the company possessed a total of more than 197 million active registered user accounts.
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