PayPal success story is one of its kind with a fortunate structure. The journey of PayPal originally started as a security software company named Confinity in 1998 and later with collaboration with an online bank it introduced PayPal.
PayPal is basically the child of Confinity, in simple words. At the initial stages, PayPal was known to give its new users $20 in the account then over the years it changed to $15 and then $5 when signing up. Eventually, they had to stop due to financial losses in the practice but it did lead to the immense growth of up to 10% on daily purposes.
Within two years PayPal users grew from one million to five million users. With a vast audience, the company started joining hands with eBay, and other publicly traded companies.
In just four years the company stock grew by 55% on NASDAQ and seizing the opportunity eBay bought it for 1.5 billion in 2002.
However, in 2014 PayPal waved goodbye to eBay, embracing a market value increase of 49 billion dollars on its first official day of being entirely independent. Between 2005 - 2015 acquired several different payment solutions and technology by collaborating with the tech giants. PayPal grew a lot bigger in revenue and market share after a spin-off from eBay.
PayPal today can be used for travel, grocery, bills, health, entertainment, vehicles and other sorts of payments among two parties. It is preferred by 15 per cent of the millennial, X, Y generation and bombers. That's a diverse group concerning that most systems preferred by the boomers are not to the likings of the X generation. To break it down even more, 55% of the millennial and 45% of other generations prefer PayPal.
Comparatively, PayPal logo history is straight to the point. The company didn't make minor changes every few years but the PayPal Logo modernized with time as a need.
One of the reasons the company has stuck to no redesigning policy is because as a company serving money transactions services, the continuous change will raise the possibility of scam or the customers perceiving them as untrustworthy.
Throughout the 23years of a successful business that company has only redesigned it thrice.
After merging with the online banking company X.com, Cofinity changed its business practices from security software to money transactions in 2000. Naming the new collaboration PayPal. The logo was designed with utmost simplicity, a no-space white trademark with a deep blue border.
In 2007 the designers decided that the typeface should be a bit clearer and cleaner. The PayPal emblem was revamped from a white trademark to a combination of two blue shades. The space between trademarks slightly grew for improvement in terms of legibility. The font used was Sans -serif.
The 2007 logo was also quite criticized for its combination of colours. The designers pointed out that the white trademark complimented several backgrounds, however, the blue combination might not work with several contrasts decreasing the readability.
A small modification was made in 2012 by giving the logo a bit of a facelift making it rounder. the modification is barely noticeable by the audience.
Through these years the PayPal also had a symbolic mark of one P layover another P with both shades presented but it kind of looked like a singular bold shaded P only.
With immense growth, when it came to the PayPal logo they had to step up the game. For PayPal as an emerging secure online money transaction company, it must be known globally with just one emblem.
The pressure on the company was mounting to refresh the services, roll out a bunch of new ones and also rebrand the identity that would be recognized just with a letter-based emblem.
However, the pressure resulted in a better and most successful logo of all times.
PayPal hired a CA-based design firm in San Francisco to take up the task of re-branding. After a hectic brainstorming, a word-mark, an icon and a new interface were created to walk hand in hand with compatibility with the mobile versions.
In the new version, you could notice Double P overlapping in a manner that it presented two P’s instead of one. The font was strengthened italics and colours contrast was managed with a bit of transparent touch sticking to the blue combination to represent the corporate.
1 - Let's start with how in 1999 PayPal was included in the 10 worst business ideas of the year.
2 - An estimate of 13 territories including Iran, Iraq, Sudan, Syria, Zimbabwe, Liberia, North Korea and western Balkans have banned the use of PayPal.
3 - PayPal is the fastest-growing company with 10% growth per annum in comparison to other payment companies with 3% growth only.
4 - The Initial team was known as the PayPal mafia! A very cool name to sum up the future creators of big apps back then.
5 - In 2002 when eBay bought the company the PayPal mafia broke off and the members took off to create even bigger giants. The former members of PayPal mafia Chad Hurley, Steve Chen and Jawed Karim founded Youtube, Reid Hoffman created LinkedIn, Elon Musk introduced Tesla and finally, Russell Simmons and Jeremy Stoppelman started the platform of yelp!
6 - The PayPal fam believes in growth inward and outward. PayPal founder gives $100k fellowship each year to the young dropouts starting a business venture.
7 - According to the statistics, people are 54% more likely to make an online purchase when there is the option to pay via PayPal.
8 - In an alternative scenario is PayPal was a bank it would be the 21st largest bank in the United States of America
9 - In 2018, PayPal allegedly accused an Indian company of a similar business to have copied their logo to reap the benefits of PayPal reputation by confusing the audience. The accused company was introduced with identical colour and font.
PayPal theory behind redesigning the logo is one of the practical examples of your brand image. PayPal followed Google's example who spent months finding the right kind of logo with visuals fitting the phone's screen perfectly.
PayPal used the advent of mobile technology very wisely. They knew it was long due to refresh their services and accommodate the audience mainly dependent on regular transactions from the phone. The timely changes in the logo no doubt made them more recognizable.
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