1. Subsidiary of eBay that provides several online payment and money transfer options for consumers and other companies. The company was founded in 1998 and operates out of San Jose, California. PayPal acquired credit card processor VeriSign on November 18, 2005 to create a comprehensive online payment system for its users. PayPal allows users to exchange money across the world and currently accepts 18 different currencies.
2. Online system, run by the aforementioned company, used to transfer funds between two users. To exchange funds, both users must have already established PayPal accounts. After funds have been exchanged, the user can have the funds transferred to a banking account or have the funds placed on a PayPal credit card if the user chooses not to leave the funds in the PayPal account.
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