What is PayPal? History and How It Works
What is PayPal?
PayPal is an online payment system that operates worldwide, as it can be used to pay and get paid, shop online, and send and receive money to one another, family members, loved ones, and friends. PayPal is accepted in most countries where online payment system is supported.
However, PayPal is an electronic alternative to the local traditional paper payment method, such as money orders and checks. PayPal charges a small fee for every transaction, as it operates as a payment gateway for online vendors, auctions site, and many commercial users.
What is PayPal? History and How It Works
History
Historically, PayPal is the best and most secure payment process. It was founded in the year 1998, in December as Confinity, and was established by a group of people, namely Peter Thiel and Luke Nosek.
It was then known as a company specializing in developing security software for handheld devices.
Later, it changed its focus to Digital wallets, which led to the vision of the PayPal electronic payment system in 1999.
PayPal, its official website URL is wwww.paypal.com. It hasn’t changed, and it will not change. It serves almost worldwide, where some countries can receive and send money, which is why some still need to be eligible. However, it was confirmed that PayPal now has over 400 million users worldwide.
Subsidiaries
PayPal owns other companies which combine to help solve online payment problems. These companies are PayPal Credit, Braintree, Venmo, Xoom, iZettle, Honey, Paydiant, Tradera, and many more.
What is PayPal? History and How It Works
How PayPal Works?
Users using PayPal must link their credit or debit card to their PayPal account. Then the user can start making use of PayPal online after they finish setting up their PayPal account.
App
Furthermore, PayPal is very wide in how it operates and the services it renders to commercial users online. It not only has a web platform but PayPal can also be used on mobile devices for a better user experience.
With the help of the mobile app, which is available for download on the Google play store and Apple Store. And it is available, and users can use it on various mobile devices, like the popular ones, Android and iOS.
You can do more with the PayPal application, like signing up or logging into your account, checking your payment history, and contacting PayPal customer service.
Account Sign up/Log In
To use PayPal, you need to have an account, and how do you get an account? You need to sign up for one. Every PayPal user today has an active account. You can create a free PayPal account today with ease. You need to visit the PayPal sign-up page.
What is PayPal? History and How It Works
PayPal Account Requirement
To create a personal PayPal account, you must provide your full name, phone number, and email address. To create a business account, you must still give the same info as your business EIN or SSN.
You can convert a personal PayPal account to a business account later, but you can convert a business account to a personal account.
Log in to your PayPal Account
After you have finished setting up your PayPal account or have an existing one, you can log in or sign in. You can make use of the PayPal app or the website using www.paypal.com/signin. Check out PayPal login steps.
How to Link My Debit or Credit Card to PayPal
Before making any transaction on your PayPal, you must link your debit or credit card to your account.
What is PayPal? History and How It Works
To add a new debit card:
- Log in to your PayPal account using your email address.
- At the top side of the page, click on the Wallet Link.
- Click on Link a Debit or Credit Card, then click on Credit or Debit Card.
- Enter your card number, expiration date, CVV, and billing address.
- Now click on Link a Card.
Sometimes, PayPal might want you to confirm your Card with them; you have to request a PayPal Code. Here is how to do it:
- Sign in to your account.
- Click on Wallet, then tap on the Card you want to confirm.
- Tap on the Confirm Card Link.
- You need to check your Debit or Credit card info to see if they are correct, then click ok.
When confirming your Card on PayPal, you need a small fee; in the process, $1.95 will be temporarily charged to your Card. To verify your Debit or Credit Card is active for online use.
Now, go back to the Wallet section, then to the Card you need to confirm. Enter the four-digit code on your transaction history or bank statement, then click Confirm.
All that is felt for you to do now is to add money to your PayPal account from either your Debit or Credit card that is linked to PayPal.
What is PayPal? History and How It Works
For Debit or Credit Cards, you can Link to PayPal.
You can link Their many Credit or Debit cards to your PayPal account. You can attach a local bank card or an online bank card. Now, they are.
- Chase Secure Banking.
- Com Visa Card.
- Wells Fargo.
- Axis Bank
- HDFC Bank
- PNC
- Keybank
- Bank of America
- Suntrust
- JPMorgan Chase
- BNY Mellon
- BB&T
- Citibank
The list of online banks that PayPal accepts for users to link to their accounts is the above.
How to Make Payment Using Your PayPal Account?
You can only use your PayPal account on an online platform where PayPal is accepted as a means of payment. You can add your PayPal account as a payment option online. Or you can add select PayPal as a payment option when checking out your items.
Click on Select PayPal as a payment option. It will direct you to the PayPal website, where you must log in to your account.
Then it will redirect you back to the online store to complete your checkout for an item you want to purchase.
Also Search –
How to Log Into My PayPal Account
Paypal Extras Mastercard | How To Apply For Paypal Mastercard
Making a payment with PayPal is very easy, safe, and convenient. Making a payment with CryptoCurrency is not available on PayPal. You can now check out with Crypto via the PayPal platform; Note checking out with Crypto is said to be a Taxable transaction, so fees and exchange rates apply to every transaction you make with Crypto via PayPal. Check out PayPal Sellers Fee Guide. Also, check out how you can buy Bitcoin and other Cryptocurrencies with your PayPal account.
