PayPal enables any business or customer who has an email address to conveniently, securely and cost-effectively receive and send funds online.

The PayPal network is built on the prevailing financial infrastructure of credit card and bank companies to create a globally accepted payment solution that processes payments in real-time and deliver a product that is ideal for online merchants, individuals, small businesses, and others that are underserved by current payment mechanisms.

PayPal users know that any transfer will go smoothly and will take only a couple of minutes. The same goes for online casino sites. In the online casino real money PayPal is the secure payment method. It means you do not need to reveal your private details. Both sides, you and the site, know it’s safe and legal. Top PayPal Real Money Online.

In recent years, the company has successfully grown into one of the leading payment methods of purchasing goods and services online.

PayPal, with its hassle-free method of withdrawing funds, purchasing online, and lightning-fast payouts, is no stranger to the online poker community either. We walk you through the rich history of PayPal and include how the company transformed into one of the leading payment methods we all know today.

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We also explain in detail how you can register a PayPal account, reveal the advantages of using PayPal, as well as include a handful of e-wallet alternatives that you can use in the same way as PayPal.

Brief History of PayPal

Contents

• Brief History of PayPal
• How to Use PayPal for Online Poker?
• PayPal Advantages
• Frequently Asked PayPal Questions

PayPal was established in 1998 as Confinity, a renowned company that developed security software for both mobile devices and palm pilots. Luke Nosek, Ken Howery, Max Levchin and Peter Thiel formed the company, and in 1999, the company launched PayPal as a currency transfer service through Confinity which was financed by John Malloy, co-founder of BlueRun Ventures.

In March 2000, Confinity joined forces with the renowned X.com, an online banking-based business that was established by Elon Musk. Musk was very enthusiastic about its development and success of Confinity and currency transfer services. Bill Harris, the president and CEO of X.com at that point in time, and Musk disagreed with the Confinity merge which ultimately saw Bill Harris leave X.com in May 2000. By October 2000, Musk chose to close X.com and all other banking ventures to focus purely on PayPal. In 2001, the X.com was re-branded as PayPal and saw rapid expansion within a year. In 2002, the executives made the decision to take PayPal public with its initial listed at $13 a share, generating more than $61 million.

PayPal

eBay Subsidiary: 2002 – 2014

After PayPal’s initial public offering, eBay acquired the company for a staggering $1.5 billion in 2002 along with a price per share of $23, or 76% above the IPO price. More than 70% accepted payments through PayPal in auctions through eBay and every one in four online auctions was transacted through PayPal.

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PayPal quickly became used by most eBay customers in a very quick period of time.

The payment solution competed with BidPay, a Western Union company, Billpoint, Yahoo’s Paydirect, Citibank’s c2it, and Google Checkout, all of which closed as time passed.

PayPal managed to acquire VeriSign payment solutions in 2005 to offer additional security support, as well as enlarge its e-commerce business. PayPal then announced a partnership with credit card processing company Mastercard in 2007, thereby leading to the introduction of PayPal’s Secure Card services that allowed customers to make payments online to businesses that did not accept PayPal directly. This was achieved by creating a Mastercard number that was unique for single-use in each checkout. By the end of 2007, PayPal managed to generate more than $118 billion in revenue.

In January 2008, the company acquired Fraud Sciences, a company with expertise with internet risk tools, for over $170 million to ultimately increase the fraud management system of the company. In November 2008, PayPal also acquired Bill Me Later, a famous online payment solution company offering transactional credit to over 9,000 merchants online in the U.S. In the first quarter of 2009, PayPal’s revenue was more than $643 million. In addition, the combined value of online transactions was nearly $16 billion, an overall increase of more than 10%.

In 2010, PayPal has acquired in excess of 100 million customers, supporting more than twenty-five currencies that catered to over 190 markets. During 2011, the famous hacktivist group, known as Anonymous, faced charges for the disruption of PayPal operations. The attack occurred in December 2010, after PayPal stopped processing donations to Wikileaks. In December 2013, thirteen alleged members of the hacktivist group plead guilty to a misdemeanour and felony charges that related to the attack.

In 2011, PayPal announced that it will move its business operations offline in order to allow customers to make PayPal payments in land-based retail stores. In August 2012, PayPal announced a partnership with Discovery Card, allowing PayPal payments to be accepted at the 7 million stores owned by Discovery Card. As 2012 came to an end, PayPal’s total transaction value exceeded $145 billion.

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In 2013, PayPal acquired both Braintree, a Chicago-based payment solution gateway and IronPearl, an engagement software company, to further product development and mobile services. In June 2014, David Marcus, PayPalès president at the time, announced that he was resigning from his role as president of PayPal. Shortly after that, Dan Schulman was appointed CEO of PayPal, a man who had previously served as the CEO of Virgin Mobile and Executive Vice President of American Express.

eBay Spin-off

It was announced in September 2014 that PayPal will be separated from eBay into an independently traded company. The spin-off was concluded by July 2015 and saw Dan Schulman as President and CEO along with John Donahoe, a former CEO with eBay, as chairman.

Acquisition of Xoom Corporation

In July 2015, PayPal announced that they will acquire the Xoom Corporation, a company specialising in digital money transfer. The deal strengthened the company’s international business thanks to gaining access to over 1.3 million Xoom customers in the U.S.

PayPal.Me

In September 2015, PayPal announced the launch of PayPal.Me, a peer-to-peer platform for online payments. This service permitted customers to send a custom link in order to request money through texting, email, and various other messaging apps. This service was introduced in 18 different countries.

How to Use PayPal for Online Poker?

PayPal is simple to use, but first, you will need to register for a PayPal account. Once you have created your PayPal account you are able to load funds into it through credit cards, debit cards or a bank transfer. You will then need to visit the cashier at the online poker site and select PayPal as your deposit method. Enter the amount that you wish to deposit. You will then be redirected to the PayPal site. You will need to login and complete the transaction. Your funds will reflect in your online poker account instantly.

Registering a PayPal Account

PayPal is looked upon as the trusted and oldest online payment services to receive and send money online. To register with PayPal is easy and upon the registration process being completed, you can begin sending money immediately after your debit or credit card is linked with your PayPal account. To receive payments, you will need to link your bank account to your PayPal account, and doing so will allow for increased withdrawal limits.

Creating A PayPal Account

You will first need to visit PayPal.com and register an account. This can be a personal account or a business account, and for those who wish to have both a business and personal account, PayPal will allow for this.

The process requires that you enter your personal information such as name, email address, D.O.B etc. In addition, telephone numbers will be required as will your address, postal code and a variety of other information pertaining to your identity. Thereafter you will be required to accept the Privacy Policy and User Agreement of PayPal. The final step to completing your registration includes your credit or debit card details. Once the registration process is completed, you will receive an email from PayPal to verify your email address.

Linking your Bank Account with your PayPal Account

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To link your bank account with your PayPal account may require up to three days, so we recommend completing this step after the registration process is completed on the PayPal website. On the PayPal homepage, you merely need to click on the ‘Add a Card or Bank Account’ link where you will be directed to a page to link your PayPal account to your bank account. Simply state if it’s a chequing or savings account and provide the required information.

PayPal Advantages

Those that have never tried PayPal before may be wondering why so many online poker players utilise their services. Therefore, we included several Paypal advantages that may see you starting using PayPal yourself.

Credit Card Security

After registering, you’ll be required to enter your credit/debit card information and banking information to make a one-time purchase on their secured system. Once completed, you won’t ever have to disclose financial information in the future.

Flexibility

You will no longer have to feel embarrassed when depositing funds at an online poker site only to be declined. PayPal allows you to register multiple bank accounts, credit cards, and debit cards and will automatically search for the funds through all your available accounts.

Send Money

PayPal allows you to quickly, and conveniently, send money to friends, family, or colleges with a simply click of a button. This will save you both time and money, and help you avoid costly fees as oppose to using Western Union.

iPhone App

PayPal also offers an innovative app that you can download directly from the Apple iStore to deposit money in your online poker account while you are out and about.

Alternative E-wallet Options

Apart from PayPal, there is a range of other leading e-wallet options available to you that work in much the same way as PayPal. These include Neteller, ClickandBuy, Click2Pay, EntroPay, EcoPayz, eCheck and Paysafecard.

Frequently Asked PayPal Questions

PayPal is the leading e-wallet service that is accepted at many reputable online poker sites. PayPal is a popular payment method because it is quick, convenient and secure.

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The main benefits of using PayPal to make a deposit at an online poker room is that the funds are transferred instantly into your poker account and deposits are free. Also, PayPal allows you to make deposits and withdrawals with the same service making it convenient.

You will need to register for a PayPal account. Once you have opened an account you are able to upload money to the e-wallet through credit or debit cards or a bank transfer. This money then can be sent to the online poker site by visiting the cashier and choosing PayPal as your deposit method. You will then be redirected to PayPal where you will need to enter your username and password to complete the transaction.

Yes, you are able to withdraw winnings with PayPal, but withdrawals do take a little longer. A withdrawal using PayPal can take between 24 and 48 hours, but you should check this as poker sites may differ. With a withdrawal, you might be charged a small fee.

PayPal is safe to use and uses encryption on payments. If you have a dispute, they offer a Resolution Centre that can be used if you think your account has been hacked.