What is PayPal?
Paypal Is an Online Payment Service that Lets Users Send and Receive Money Once They Sign Up for an Account
Users can hold either a personal or a business account, and payments are made either using the other party’s PayPal registered email address or in response to an invoice that the recipient can create and send via PayPal.
Transactions are free for the buyer, but the recipient/seller pays a percentage of the transaction value plus a small transaction fee – amounts depending on where the buyer and seller are in the world.
PayPal was founded in 1998 as Confinity. It was acquired by eBay in 2002 and was spun off into a separate company in 2015. PayPal operates in 202 markets. It is one of the most popular payment methods in numerous countries across regions, including Australia, Argentina, Brazil, Canada, Germany, Hong Kong, Italy, Mexico, Poland, Russia, Spain, the UK and the USA.
- PayPal allows users to send, receive and hold funds and to make and accept online transactions
- PayPal Credit provides revolving online credit to consumers
- PayPal’s app enables one-touch purchasing through participating merchants
- In October 2020 PayPal announced plans to allow users to use cryptocurrencies to make payments starting in 2021
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