Yesterday marked the 15 years since the first PayPal transaction on record, October 16, 1999. Before the days of the iPhone, back when we used Palm Pilots, Paypal was known as Confinity. According to Hill Ferguson, the SVP and chief product officer at Paypal, their first business model was a focus on mobile phones. Confinity initially was a Palm Pilot payment and cryptography company. PayPal has come a long way in the last 15 years and now they have specifically name-dropped Bitcoin in their ruminations on the next 15 years.
As history shows, Paypal made the switch and focused on email payments and forever changed ecommerce as we knew it. Paypal provided people with a fast, easy and secure way to pay and get paid online. They weathered the dot.com bust, purchased by Ebay and have grown to serve over 203 markets and accept payments in over 100 difference currencies – and that includes the recent addition of Bitcoin.
Hitting the Highlights from PayPal’s Last 15 Years:
2006: Paypal allows people to pay via SMS
2008: Launch of PayPal Student Account
2009: Open Global Platform to allow third party developers to build payments directly into their aps
2010: Payment option for Facebook Credits
2012: First cloud-based in-store payments within Home Depot
Paypal is continuing to grow and evolve with the ever-changing landscape that is the internet. In the last 12 months Paypal has acquired Braintree, launched fingerprint authentication with Samsung, announced their affiliation with Bitcoin and is now splitting up with Ebay. No matter what the future might hold, Paypal is confident they will continue to succeed.
“Who knows whether biometrics will be as commonplace in 15 years as mobile is today, or if it’ll have fallen by the wayside; or if mobile phones will still dominate our computing or have been replaced by wearables or some other as yet undreamed of technology. We don’t. But we do know we’re the payments company that developers, merchants and customers alike – the whole world over – can trust to ferry them securely and simply through.” – Hill Ferguson
What do you think PayPal will do with Bitcoin? Comment below!
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