Billpoint
Encyclopedia
Billpoint was the name of a person-to-person money transfer service founded in 1998 and purchased in 1999 by online auctioneer eBay
. Billpoint's website was taken offline while eBay integrated Billpoint into their auction service, and it did not reappear until the Spring of 2000 when it was relaunched as a joint-venture with Wells Fargo
bank.
During this interval, online payment service PayPal
was launched, rapidly becoming popular with eBay's customers. Billpoint and eBay spent much of the next two years trying to overtake PayPal, but with mixed results. In July 2002, eBay CEO Meg Whitman
agreed to the acquisition of PayPal with its CEO Peter Thiel
. When the deal was closed in October 2002, eBay began the process of phasing out Billpoint. The shutdown was completed in early 2003, following the 2002 Christmas holidays.
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
. Billpoint's website was taken offline while eBay integrated Billpoint into their auction service, and it did not reappear until the Spring of 2000 when it was relaunched as a joint-venture with Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
bank.
During this interval, online payment service PayPal
PayPal
PayPal is an American-based global 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....
was launched, rapidly becoming popular with eBay's customers. Billpoint and eBay spent much of the next two years trying to overtake PayPal, but with mixed results. In July 2002, eBay CEO Meg Whitman
Meg Whitman
Margaret Cushing "Meg" Whitman is an American business executive. She is the President and Chief Executive Officer of Hewlett-Packard. A native of Long Island, New York, she is a graduate of Princeton University and Harvard Business School...
agreed to the acquisition of PayPal with its CEO Peter Thiel
Peter Thiel
Peter Andreas Thiel is an American business magnate, venture capitalist, and hedge fund manager. With Elon Musk and Max Levchin, Thiel co-founded PayPal and was its CEO...
. When the deal was closed in October 2002, eBay began the process of phasing out Billpoint. The shutdown was completed in early 2003, following the 2002 Christmas holidays.