Making online payments was not always a click of a button. Many early users found the processes intimidating, unnerving, and even dangerous. Today web merchants and customers have little hesitation making online transactions; in fact, online payments have become a standard. The reason for this attitude change is partly due to Patrick and John Collison, brothers and the founders of disruptive payment company Stripe.
Stripe was conceived in early 2010 as a side project. Patrick was the Director of Product Engineering for Live Current Media, the company that bought out his first startup Auctomatic. John was attending Harvard. The two brothers had a goal to simplify online transactions and develop an easy-to-use interface. Only two weeks after the initial prototype, Stripe conducted a transaction with its first customer, 280 North, a Y Combinator company.
Continue reading The History of Stripe – Online Payment App
Back in the early 90’s, sending and receiving payments online between individuals was not an easy process. People didn’t even imagine the possibility of such transactions, even though banks and other financial institutions had the means of conducting them. Now everyone knows about and uses the world’s largest and most famous online payment system, PayPal.
Bold statement, you say? Check out the facts assembled by the folk at PLAY-N-PLAY and think again.
Currently, PayPal operates in 202 countries worldwide, with 203 million active users and 16 million merchant accounts. Since its inception, it has recorded 1,7 billion transactions with 32 payment transactions per active account. 768.745 websites worldwide use PayPal. And PayPal’s website itself, PayPal.com, ranks 73 worldwide by traffic. Impressive, right?
Now, let’s dig into the history of PayPal and learn about its journey to success. You won’t regret it, as it is a phenomenal one.
How did it all start?
Well, it goes back to Confinity Inc. founded by Ken Howery, Luke Nosek, Max Levchin and Peter Thiel in 1998. The company aimed to provide secure software for financial transactions on individually owned devices. In 2000, Elon Musk, initiated a merge between Confinity and X.com, his own online banking company. After realizing that Confinity’s operations were more profitable than X.com’s, Musk continued to focus only on Confinity’s operations of transferring money. PayPal, as we know it, kicked off in October of 2000.
Continue reading The History of PayPal – Online Payment System