PayPal is an American, international digital wallet based 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. PayPal is one of the world’s largest internet payment companies. The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee. Established in 1998, PayPal () had its IPO in 2002, and became a wholly owned subsidiary of eBay later that year. In 2013, PayPal moved $180 billion in 26 currencies across 193 nations, generating a total revenue of $6.6 billion (41% of eBay’s total profits). In 2014, eBay announced plans to spin-off PayPal into an independent company the following year.