PayPal profits from taking a small percentage of a transaction is performs. It currently has around 56,000,000 registered users worldwide. PayPal sales reached $166m between July and September, a 56% increase on the same period in 2003. The service was acquired by online auction giant eBay in 2002. Since then it has received a lot of success but also has had its hiccups, including service failures in October following a software upgrade and accusations of overstating the level of protection it offered in the event of non-arrival of goods.
Source:
BBC News
Written by: James Delahunty @ 12 Dec 2004 7:59