In this era of electronic advancement and technological development, PayPal is a widely used service that benefits the transfer of money online. Not only this, PayPal serves as the electronic alternative to traditional paper methods like money orders and cheques. It has given a new dimension to the payment system through which online vendors, auction sites, and other various commercial users can access a number of benefits like password memory to one-click transactions in lieu of a very minimal charge. Being established in the year 1998 as Confinity, it started the first public service in the year 2002 with becoming the wholly owned subsidiary of eBay later that year. Eventually, eBay in 2014 announced to make PayPal an independent company which was finally completed by July 2015.