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Before PayPal, explained eBay CEO Meg Whitman, “If I did business on eBay in 1999, the only way I could pay you as a buyer was with a check or money order, a paper-based system. There was no electronic way to send money, and you were too small a merchant to qualify for a credit card account. What PayPal did was enable people, individuals, to accept credit cards. I could pay you as an individual seller on eBay with a credit card. This really leveled the playing field and made commerce more frictionless.” In fact, it was so good that eBay bought PayPal, but not on the recommendation of its Wall Street investment bankers— on the recommendation of its users. “We woke up one day,” said Whitman, “and found out that 20 percent of the people on eBay were saying, 'I accept PayPal, please pay me that way.' And we said, 'Who are these people and what are they doing?' At first we tried to fight them and launched our own service, called Billpoint. Finally, in July 2002, we were at [an] eBay Live [convention] and the drumbeat through the hall was deafening ...»