On Monday 20th, after 13 years PayPal reemerged as a publicly traded company. Earlier eBay acquired the PayPal in 2002 and the NASDAQ listing is a big day for company. There was a huge celebration all around the world including Indian offices in Bangalore and Chennai.
Commenting on the listing day, Dan Schulman, President and Chief Executive Officer of PayPal, said:
“As the world’s open, digital payments platform and most trusted and popular digital wallet, we are excited to celebrate our listing day and embark on our next chapter. Mobile technology is transforming payments, making it easier, safer and more affordable for people to move and manage their money than ever before. As an independent company, we see a tremendous opportunity for PayPal to expand our role as a champion for consumers and partner to merchants, and to help shape the industry as money becomes digital at an increasingly rapid pace.”
The new independent public company will trade under the ticker symbol “PYPL” at NASDAQ Stock Market, uses the same ticker symbol as it is traded with eBay. Before listing with NASDAQ, PayPal has $6 billion in cash on hand, $235 billion in total payment volume, $46 billion in mobile payment volume and $8 billion in 2014 revenue. Apart from this, the good thing is that PayPal has five-year operating agreement with eBay.
Adding further, Schulman said:
“We are focused on leveraging our strengths to drive long-term growth for our company and shareholders. PayPal is unique. We have a singular focus on digital payments, deep commitment to customer service, a drive for innovation and a technology agnostic platform that creates value for our consumers and merchants online, in apps, and increasingly in stores.”
PayPal serves more than 169 million active customer accounts in 203 countries around the world. The 10% of PayPal workforce is in India and PayPal invested in setting up two world-class Global Technology product centers which employs over 1300 highly skilled technologists. They provide cutting-edge digital payments solutions to our customers worldwide.