The above graph represents the annual growth in PayPal cross border TPV (total payment volume). In 2018, 19% of PayPal’s TPV (Total Payment Volume) was generated through cross-border transactions, where the merchant and consumer are in different countries. Surprisingly, the percentage of PayPal cross border TPV has been declining since 2014 when it was 24%.
PayPal Cross Border TPV: Additional Information
The company says, PayPal cross border transactions generally provide higher revenues and operating income than similar transactions that take place within a single country or market.
In the fiscal year ended December 31, 2018, about $578.4 billion total amount was generated through 9,871 million number of payment transactions completed on PayPal’s Payments Platform or enabled by PayPal via a partner payment solution. Interestingly, that’s a year-over-year increase of 27%.
Founded in December 1998 as Confinity Inc., by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery, PayPal Holding Inc. (NASDAQ: PYPL) was funded by John Malloy from BlurRun ventures.
However, it was March 2000, when Confinity merged with X.com, an online banking company founded by Elon Musk in November 1999. The visionary Musk was quick to visualise the future potential of the money transfer business Confinity was developing. In contrast to that, Bill Harris, the then-president and CEO of X.com, didn’t find much merit in Musk’s thoughts. Soon, Harris decided to part ways was Musk was determined to stay focused on Confinity money transfer service. He was so committed that he terminated the company’s all other Internet banking operations in order to remain focused on the money transfer business.
All these shifts created an impact on Elon Musk’s position in the company he was replaced by Peter Thiel as CEO of X.com. In the following year, the X.com was renamed as PayPal.
The astounding growth of PayPal convinced executives to launch the IPO of PayPal in 2002. After the celebrated acquisition by eBay Inc. (NASDAQ: EBAY) in July 2020 which valued PayPal $1.5 billion – 7% above the IPO price – it was clear that PayPal is en route to become a global leader in money transfer business.
After thirteen years of being under the umbrella of eBay, PayPal once again became an independent publicly traded company.
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