PayPal was created in 2000 after a payments company co-founded by Elon Musk merged with software company Confinity, whose founders included Trump supporter and tech mogul Peter Thiel. The company has since become a global household name that enables millions of transactions daily. PayPal has submitted applications to authorities in Utah and to the Federal Deposit Insurance Corporation to set up PayPal Bank, the online payments company said.The banking option would also allow PayPal to expand loans to small businesses and rely less on third parties, it said. PayPal has provided $30 billion in loans to more than 420,000 businesses worldwide since 2013, according to the company. Will this make transactions more cheaper ?
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