PayPal Transaction Volume Doubles to $2 Billion

Used in More Than 1 in 4 eBay(TM) Auctions



Apr 18, 2001, 01:00 ET from PayPal

    PALO ALTO, Calif., April 18 /PRNewswire/ -- PayPal (www.PayPal.com), the
 leading online payment service, today announced it has doubled its transaction
 volume in four months, hitting $2 billion in payments processed since launch
 of the service in November 1999. With more than seven million registered users
 and growing, PayPal is the leading online payments provider serving consumers,
 online auction sellers and small business e-commerce sites.
     "Reaching this benchmark so quickly is validation that we are meeting a
 tremendous customer need and that our business continues to grow as we head
 toward profitability," said Peter Thiel, CEO and founder of PayPal. "PayPal is
 enabling e-commerce by providing a valuable service for online auction and
 small business customers who have been underserved and overcharged for years.
 We are expanding and democratizing the world payments system by empowering
 small businesses and entrepreneurs -- the engine of economic growth and job
 creation -- with a safe, secure and inexpensive Web-based payments solution."
     PayPal members spend approximately $8 million a day in more than
 160,000 transactions. More than 85% of those payments go to businesses, which
 pay transaction fees for use of the PayPal service. PayPal allows people and
 businesses to send and receive money instantly and securely over the Internet,
 funded from credit cards or bank accounts.
     PayPal is the leading payment service for online auctions, including
 eBay(TM), where most auctions advertise PayPal as a preferred payment method.
 In fact, PayPal is the settlement means used in more than a quarter of all
 eBay(TM) auctions (approximately 28%). PayPal is also increasingly being used
 for non-auction e-commerce, and as a cost-effective payment service for
 off-line businesses looking to receive payment at their corporate website.
     Since achieving its first billion dollars in transactions processed in
 December, PayPal has completed a $90 million strategic financing round,
 secured key domestic and international partners, and expanded to 38 countries.
 
     About PayPal
     PayPal is the instant and secure online payment service that allows people
 and businesses to send and receive money by e-mail from bank accounts or
 credit cards. With more than 7 million members and growing, PayPal is the
 world's first and largest Internet-based payment service, and the #1 financial
 site on the Internet, according to PC Data Online. PayPal is the preferred
 payment service for online auctions, online community and group Web sites, and
 is seeing tremendous growth in e-commerce transactions for small businesses.
 PayPal members send approximately $8 million in more than 160,000 payments
 each day. Free to consumers, PayPal can be used from PCs or web-enabled mobile
 phones. Business users pay transaction fees to receive payments through
 PayPal.
     A privately held company headquartered in Palo Alto, California, PayPal
 was named one of the 50 Most Important Private Companies in the World by
 Red Herring and one of the Top 25 New Companies by Fortune Small Business.
 The PayPal Website has been cited as among the "Best of the Web" by Forbes,
 Time, PC Magazine and U.S. News & World Report. For more information, please
 visit http://www.paypal.com .
 
 

SOURCE PayPal
    PALO ALTO, Calif., April 18 /PRNewswire/ -- PayPal (www.PayPal.com), the
 leading online payment service, today announced it has doubled its transaction
 volume in four months, hitting $2 billion in payments processed since launch
 of the service in November 1999. With more than seven million registered users
 and growing, PayPal is the leading online payments provider serving consumers,
 online auction sellers and small business e-commerce sites.
     "Reaching this benchmark so quickly is validation that we are meeting a
 tremendous customer need and that our business continues to grow as we head
 toward profitability," said Peter Thiel, CEO and founder of PayPal. "PayPal is
 enabling e-commerce by providing a valuable service for online auction and
 small business customers who have been underserved and overcharged for years.
 We are expanding and democratizing the world payments system by empowering
 small businesses and entrepreneurs -- the engine of economic growth and job
 creation -- with a safe, secure and inexpensive Web-based payments solution."
     PayPal members spend approximately $8 million a day in more than
 160,000 transactions. More than 85% of those payments go to businesses, which
 pay transaction fees for use of the PayPal service. PayPal allows people and
 businesses to send and receive money instantly and securely over the Internet,
 funded from credit cards or bank accounts.
     PayPal is the leading payment service for online auctions, including
 eBay(TM), where most auctions advertise PayPal as a preferred payment method.
 In fact, PayPal is the settlement means used in more than a quarter of all
 eBay(TM) auctions (approximately 28%). PayPal is also increasingly being used
 for non-auction e-commerce, and as a cost-effective payment service for
 off-line businesses looking to receive payment at their corporate website.
     Since achieving its first billion dollars in transactions processed in
 December, PayPal has completed a $90 million strategic financing round,
 secured key domestic and international partners, and expanded to 38 countries.
 
     About PayPal
     PayPal is the instant and secure online payment service that allows people
 and businesses to send and receive money by e-mail from bank accounts or
 credit cards. With more than 7 million members and growing, PayPal is the
 world's first and largest Internet-based payment service, and the #1 financial
 site on the Internet, according to PC Data Online. PayPal is the preferred
 payment service for online auctions, online community and group Web sites, and
 is seeing tremendous growth in e-commerce transactions for small businesses.
 PayPal members send approximately $8 million in more than 160,000 payments
 each day. Free to consumers, PayPal can be used from PCs or web-enabled mobile
 phones. Business users pay transaction fees to receive payments through
 PayPal.
     A privately held company headquartered in Palo Alto, California, PayPal
 was named one of the 50 Most Important Private Companies in the World by
 Red Herring and one of the Top 25 New Companies by Fortune Small Business.
 The PayPal Website has been cited as among the "Best of the Web" by Forbes,
 Time, PC Magazine and U.S. News & World Report. For more information, please
 visit http://www.paypal.com .
 
 SOURCE  PayPal