PayPal is a worldwide online payments system provided by an American company. Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders. PayPal is one of the world's largest internet payment companies.^[6] The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.

Established in 1998,^[7] PayPal had its IPO in 2002, and became a wholly owned subsidiary of eBay later that year.^[8][9] In 2014, PayPal moved $228 billion in 26 currencies across more than 190 nations, generating a total revenue of $7.9 billion (44% of eBay’s total profits).^[10] The same year, eBay announced plans to spin-off PayPal into an independent company the following year.^[11]