Founded in 1998, PayPal, an eBay
Company, is akin to an online (Internet
) banking service. It enables any individual or business with an e-mail address to securely and quickly send and receive payments online. PayPal’s service builds on the existing financial infrastructure of bank accounts and credit cards and uses the world’s most advanced proprietary fraud prevention systems to create a safe, global, real-time payment solution. Located in San Jose, Calif., PayPal was acquired by eBay Inc. in October, 2002.