PAYPAL ESTABLISHED its Irish operations in 2003, the year after the US firm was acquired by the online auction giant eBay for $1.5 billion. The Dublin office originally employed 25 staff providing customer service to the UK market but before yesterday’s announcement the numbers had swelled to 1,400.
PayPal was formed in 2000 following the merger of two Californian start-ups which had been focusing on online payments and financial services.
The company allows anyone with an email address to send and receive payments online. Funds in a PayPal account can then be transferred to a bank account or credit card. PayPal makes its money by charging a percentage fee on those transfers. It has expanded in recent years by providing related products such as checkout software for websites and the ability to process credit card payments.
Before eBay purchased the company, PayPal had become the auction site’s preferred method of payment for transactions. It is widely used for online payments, not just on eBay but by a wide variety of small businesses and private individuals. However, its importance to eBay cannot be underestimated. The electronic payment processor accounted for nearly 37 per cent of eBay revenues in the fourth quarter of last year.
PayPal generated $1.2 billion in revenues during the same three-month period, with its non-US business contributing $647 million. That was a jump of 36 per cent year-on-year and the first time international revenues accounted for over half the business. The Irish operation is now benefiting directly from that international growth as it handles operations across Europe, the Middle East and Africa (Emea).
The Blanchardstown and Dundalk offices will form PayPal’s European operations centre with responsibility for functions including customer service, risk prevention, financial operations, merchant services and sales.
Since its arrival in Dublin almost a decade ago, PayPal has developed a reputation as a good employer. Yesterday its vice-president of global operations Emea, Louise Phelan, said the company wanted to “give people a career, not just a job”.
TECH EMPLOYERS: CROSS-SECTION
PAYPAL:
Who are they:Online auction and payment websites
Where based:Dublin & Dundalk
Numbers Employed:1,500 with another 1,000 jobs announced Established in Ireland: 2003
GOOGLE:
Who are they:Internet giant
Where based: Dublin
Numbers Employed: Over 2,000
Established in Ireland:2003
FACEBOOK:
Who are they:World's leading social network
Where based:Dublin
Numbers Employed:350
Established in Ireland:2008
MICROSOFT:
Who are they:Computer software company
Where based:Dublin
Numbers Employed:1,200
Established in Ireland:1985
INTEL:
Who are they:Semiconductor chip maker
Where based:Leixlip and Shannon
Numbers Employed:4,000
Established in Ireland: 1989
TWITTER:
Who are they:Microblogging site
Where based: Dublin
Numbers Employed: 10
Established in Ireland:2011
HEWLETT-PACKARD:
Who are they: Computer hardware and software manufacturer
Where based:Leixlip and Galway
Numbers Employed: 4,500
Established in Ireland:1990s
ACTIVISION BLIZZARD:
Who are they:Gaming company
Where based: Cork
Numbers Employed:600
Established in Ireland: 2007
