PayPal Surpasses 10 Million User Mark

September 6, 2001
Press Release

 





Leading Internet-Based Payment Service Wins Better Business Bureau Approval

Palo Alto, CA - Thursday, Sept. 6, 2001 - PayPal (www.paypal.com) today announced that it has surpassed 10 million registered users by offering a secure, convenient and affordable method for consumers and businesses to exchange funds to fuel e-commerce. Serving more than 35 countries, PayPal has revolutionized the global payments system and is becoming the de facto standard for online payments for consumers, online auction buyers and sellers, and small to medium-sized e-businesses.

"As business and consumer adoption continues to grow, PayPal has become the leading brand-name service and standard for online payments," said Peter Thiel, Chairman and CEO of PayPal. "From the very beginning, PayPal set out to change the way people move money by offering a more convenient, more secure and less expensive way to pay for things, and the response has been tremendous."

PayPal is the preferred payment service for online auctions, online community and group Websites, and is seeing significant growth in e-commerce transactions for small and mid-sized businesses. PayPal is used to settle more than 1 in 4 eBay™ auctions, with PayPal members spending approximately $10 million a day in 200,000 transactions.

"Since we started offering PayPal as a payment option on our site, daily traffic volume and sales have increased dramatically," said Mike Manoske, co-owner of TimeShareValues.com, one of many small and mid-sized online businesses that leverage PayPal to fuel sales. In addition, PayPal Shops makes e-commerce easier by offering consumers a directory of more than 18,000 online merchants that prefer to be paid through PayPal.

PayPal has also become the way to pay for many online shoppers because the popular service protects consumer privacy and security when making payments. Using PayPal, online shoppers can charge payments to their credit cards or transfer funds from their checking accounts without revealing account information to the website at which they are shopping.

PayPal recently earned membership in the Better Business Bureau (Santa Clara County chapter) for improving its overall customer service standards. PayPal has further enhanced its service in recent months, offering its merchants a shopping cart and a subscriptions-style payment module, and plans several additional new features later this year.

About PayPal

PayPal is the instant and secure online payment service that allows people and businesses to send and receive money via the Internet, funded from bank accounts or credit cards. With more than 10 million members and growing, PayPal is the world's first and largest Internet-based payment service. Free to consumers, PayPal can be used from PCs or web-enabled mobile phones. Business users pay transaction fees to receive payments through PayPal.

PayPal is a privately held company headquartered in Palo Alto, California, and was recently named one of the Top 25 New Companies by Fortune Small Business. The PayPal Website has been cited as among the "Best of the Web" by Forbes, Time, PC Magazine and U.S. News & World Report. For more information, please visit http://www.paypal.com.

SOURCE: PayPal, Inc.

Contacts:
Vince Sollitto
PayPal, Inc
650-251-1207
vince@paypal.com

Darcy Hansen
Applied Communications
415-365-0222, x262
dhansen@appliedcom.com



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