What is PayPal?
In modern times, the internet has been adapted and used for everything. One of the best examples of this is digital wallets. With these services, one can send and receive payments without any problem whatsoever over the internet. One of the earliest and most popular of these services is PayPal.
Initially launched in 1999 by the American Silicon Valley
company Confinity, PayPal started off as a simple digital wallet that was
adopted by eBay to grow its user base. During the last decade, PayPal
implemented new features like micro-payments and mobile payments. It also
started its expansion into other countries, with an emphasis on small and
medium businesses. In 2014, it was announced that PayPal would become its own
company independent of eBay.
Today, PayPal is widely used as a payment processor for
e-commerce websites, auctions, as a payment option in Google Play, charities,
and many more commercial applications. PayPal has around 375 million active
accounts from all over the world and allows its users to exchange funds in 25
different currencies. Its app is available in the iTunes App Store and the Google
Play Store. Recently, PayPal also announced that it would invest in
cryptocurrency. The platform allows users to transfer funds between friends and
businesses. These payments are done quickly through the internet with no delay.
A fee is given to PayPal for each of these payments.
PayPal is a great option to make small payments and forsellers. The service is also useful for making payments in other countries when
using cash is not an option. It’s worth mentioning, though, that PayPal’s fee
may seem a bit scary, especially for bigger payments. The amount that is
subtracted from the receiver’s account depends on the amount of money
transferred. For this reason, some consider PayPal to be better suited for
small payments.
A new service, called Pay in 3 is also being offered to
UK residents. This new feature allows customers to make payments with three
interest-free lends. This comes with the expected credit score checks.
Is PayPal safe?
PayPal is a reputable digital wallet that is widely used
around the world. However, the platform has had criticisms and problems
regarding security. Since its beginnings
in the early 2000s, PayPal has always had problems with scammers and hackers.
Many fraudsters log into various accounts to make small payments to themselves
or other scammers.
Phishing is also a common problem for PayPal’s users. A
lot of cyber-criminals may send fake emails or messages requesting payments via
the platform. Fortunately, phishing attempts tend to be obvious, so a user just
has to be aware of who are they paying with PayPal.
PayPal’s website and app implement end-to-end encryption,
which means that it’s nearly impossible for hackers to steal information from
exchanges between two users. These are standards of modern web security.
However, this doesn’t stop fraudsters from stealing passwords by using social
engineering on their victims.
Because of this, the platform has developed proprietary
software to keep an eye on unauthorized activities. Sometimes, the activities
of a business may be interpreted by the algorithm as suspicious, resulting in
the retention of funds. In the worst cases, PayPal may even freeze a user’s
account without warning.
Most of the time these problems are minor inconveniences,
and funds tend to be quickly transferred. However, when it comes to companies
that rely on PayPal, this can cause a lot of damage. This is why PayPal
shouldn’t be used as a replacement for a bank service, but rather as a support
for an enterprise. PayPal is useful because it’s easy to set up in comparison
to other business solutions, but these disadvantages should always be kept in
mind.
As previously mentioned, PayPal is a legitimate service
and a great option for startups and small businesses. The digital wallet is
also great for individuals who want to set up quick payments. While the site’s
fees are worth considering, these are usually very competitive when it comes to
international transactions.
Another one of PayPal’s pros is that it is very easy to
get started with. To sign up, a user only needs a valid email. However, for the
best results, one has to verify their identity with a valid UK number
and their bank account to start adding funds. Its app and website are
user-friendly. PayPal has a great help section with articles to guide users and
a forum where any other questions can be asked.
PayPal also offers a business debit MasterCard, which
allows users to pay whenever MasterCard is accepted from and withdraw funds
from ATMs all over the world.
It’s worth considering all the pros and cons before
trying PayPal out. As a consumer, there are no major drawbacks to making
payments via PayPal. For sellers and businesses, PayPal is still a good option.
Go ahead and give it a try!
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