PayPal is an e-commerce business that allows users to send money via the internet. Most often, people use this service to pay for items purchased online. eBay, which purchased PayPal in 2002, strongly encourages its users to complete most transactions via the PayPal website, and more and more commercial businesses are accepting payment via PayPal, including a variety of retail stores, airlines and hotels.

PayPal accounts can belong to businesses or individuals. Business and high-volume accounts can pay a monthly fee in return for more features than are available to those using the free individual accounts. Those who receive money via PayPal can request that their money be transferred to a bank account, sent them in check format or they can apply for a PayPal debit card. In order to withdraw money, account holders must first verify and confirm their PayPal and bank accounts as well as confirm their identity via email.

There are 4 types of accounts available for PayPal Users. The personal account is for those who use PayPal for personal transactions but do not intend to set of business transactions. The Premier account is for users who intend to do business transactions under their on name rather than as business. The business account is for business to conduct transactions and this one also allows multiple users on the same account. There is also a student account which is a sub account that can be opened under any of the other 3 accounts and is designed to allow teens to gain experience in being responsible for their own money.https://www.paypal.com/cgi-bin/webscr?cmd=xpt/Marketing/general/PayPalAccountTypes-outside

PayPal has grown enormously in recent years, and now has operations in a variety of locations including San Jose, California, Omaha, Nebraska; Scottsdale, Arizona; Austin, Texas; Dublin, Ireland, India and Berlin, Germany. Transactions for the company's more than 184 million accounts can be conducted in 19 currencies. The currencies people can use on PayPal include:

1. United States dollar
2. Australian dollar
3. Canadian dollar
4. Chinese renminbi yuan
5. Euro
6. Pound sterling
7. Japanese yen
8. Czech koruna
9. Danish krone
10. Hong Kong dollar
11. Hungarian forint
12. Israeli new sheqel
13. Mexican peso
14. New Zealand dollar
15. Norwegian krone
16. Polish zloty
17. Singapore dollar
18. Swedish krona
19. Swiss franchttp://en.wikipedia.org/wiki/PayPal

With an eye towards future growth, PayPal has also started an environment to encourage innovation called PayPal Labs. Similar to the Google product of the same name, PayPal Labs is working on a storefront application as well as applications for such social networks as Facebook and MySpace.