Paying through the mouse; Online payments.(PayPal is turning into a huge online-payments business)
Economist (US), The, May, 2004
Next time, online
PayPal is turning into a huge online-payments business
ONE of the most powerful forces in e-commerce is the "network effect": the more people who flock to a particular website, the greater its appeal. The latest beneficiary of this phenomenon is PayPal, which now handles online payments at an annualised rate of more than $17 billion. PayPal is not a bank, but for online buyers and sellers it performs much the same function. It already has 45m account-holders worldwide, one-quarter of the number of the mighty Citigroup.
The company began in Silicon Valley in 1998. Its e-mail system for payments became so widespread on internet auction sites that the biggest firm in this business, eBay, set up a rival, Billpoint, in the hope of...
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