PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders. It is subject to the US economic sanction list, and subject to other rules and interventions required by US laws or government.
PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. The fee depends on what currency or payments the seller is using. In addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies.
On October 3, 2002, PayPal became a wholly owned subsidiary of eBay. Its corporate headquarters are in San Jose, California, United States at eBay’s North First Street satellite office campus. The company also has significant operations in Omaha, Scottsdale, Charlotte, Boston and Austin in the United States; Chennai and Banglore in India; Dublin and Dundalk in Ireland; Kleinmachnow in Germany; and Tel Aviv in Israel. From July 2007, PayPal has operated across the European Union as a Luxembourg-based bank.