You said: "...Paypal being the default payment..." I'm saying: They didn't just get anointed as the default by eBay; they became the default (and survived this long!) by taking an aggressive stance on fraud and risk.
Also... the scale wasn't as small as you think. According to the numbers [1], PayPal was doing >$2B in transactions at the time of acquisition. For perspective, estimates from 2014 [2] put Stripe at $1.5B in transactions (and a company valuation of $1.75B). Paypal wasn't small, even in 2002.
Also... the scale wasn't as small as you think. According to the numbers [1], PayPal was doing >$2B in transactions at the time of acquisition. For perspective, estimates from 2014 [2] put Stripe at $1.5B in transactions (and a company valuation of $1.75B). Paypal wasn't small, even in 2002.
[1] http://www.fraudpractice.com/paypal_companyprofile.html
[2] https://pando.com/2014/01/24/memo-to-stripe-winning-the-hear...