Paypal

About Paypal

Paypal was owned until July 2015 by eBay a US listed online payments company at which point it was spun off as its own entity. The Californian headquartered organisation was established in 1998 and in 2014 it moved $228bn in 26 different currencies to 190 nations.

Services

Paypal offers payment services to anywhere and anyone around the world provided they have a mobile phone or an email account. The customer sets up a Paypal account, deposits funds and enters the beneficiary details. Paypal then transfers the money if a Paypal account already exists for them or contacts them to do so in the event that they don’t have one.

Regulation

Paypal is regulated in the US on a state by state basis as a money transmitter arguing it is not a bank. In Europe Paypal moved to Luxembourg where it was granted a banking licence to conduct business across Europe. It is regulated by the CSSF.