As it approaches its 20th anniversary, let’s take a quick look at online payments brand PayPal, which rightfully occupies one of the top spots on the chart of successfully growing businesses. How did this fledgling company—in a brand-new market—quickly rise to such dominance, and manage to stay in that position for two decades and counting? Sure, an innovative marketplace solution got them going, but the brand’s near-flawless customer experience has kept them on top of an increasingly competitive space.
Founded in late 90s by Elon Musk and a group of enthusiasts, PayPal is now recognized as the world’s largest online payment processor. After seeing some ups and downs, the company proliferated. Between 2000 and 2002, PayPal grew big enough to announce its entry to the charts of NASDAQ with $13 per share. Later, PayPal made the smart move of merging with eBay for a whopping $1.5 billion, becoming the only payment gateway for eBay users.
PayPal is now available in 203 markets and multiple currencies. It allows customers to hold balances, deposit and withdraw their funds securely, with full compliance and control over their financial data. What other branding strategies did the upstart embrace to corner the market?
The brand also vouches for its moral standing in the market—hence the decision to withdraw as a payment method from the majority of the gambling websites. The decision contributed to the company’s strong reputation—the platform is recognized as the world’s most reliable payment system, with an ever-growing user base. The company acquired different payment solutions to penetrate into the online retail market even further. Recently, the brand collaborated with MasterCard, leading to the inception of the Secure Card service. This decision alone brought the company a revenue of the whopping $1.8 billion.
The company delivers a stable and fast customer experience, as well—PayPal drives the time reduction for any transaction; financial data collection and manipulation is automatized. Information is processed through the innovative Informatica MDM, governance and PowerCenter platforms. Robust transaction control and security makes PayPal’s service the most preferred and overwhelmingly trusted by its user base.
The prominent success story of PayPal has inspired many startups. Nevertheless, if you still think that transactions can’t go beyond bank accounts, take a closer look at the infographic below from responsible gaming site Play-n-Pay founder Raj Vardaman. Facts and figures speak for themselves—a quick and simplified system like PayPal is what you get by keeping up with the times.
A version of this post originally appeared on the Play-n-Pay site; reprinted with permission.