There are very few people who don’t use PayPal, one of the payment platforms with which you can send and receive virtual money in many countries. In 2018 and 2019 alone, PayPal managed to attract users of all classes, from professionals and merchants to housewives, to something that was considered one of the best services so far. Since digital transactions are so common and familiar to customers that it becomes easy to find a casino that works with bet365.
Now, PayPal is considered the largest company in the world, and as the number of consumers continues to grow, the organization is at the forefront and has new services to offer: cryptocurrencies, something that was only the latest novelty that the online transaction platform has up its sleeve.
What is PayPal all about?
PayPal is a banking services company that supports users who need to send or pay money and receive it online, all without considering that it does not ask for bank details to operate. All you have to do is provide an email address, and the transaction proceeds securely and normally.
It is an option that was intended to replace traditional payment methods. PayPal was born in 1998 with another name, Confinity, and its objective was to provide a money exchange service by PDA, a device similar to a laptop that soon ceased to exist with the arrival of mobile devices such as Tablets or smartphones. Later, in 2001, it was renamed PayPal when it was bought by X.com, an online banking company founded by Elon Musk. Then, in 2002, it became part of eBay, and the rest is history.
Today, it is part of the wallet options of 30 renowned companies around the world, has current payment traffic of up to 1.25 trillion dollars, and this is only considering the period from 2012 to 2021, according to figures from the firm Statista.
Now PayPal users can purchase new products in merchants that are physically associated, pay employees, and send and receive payments to third parties that are part of the platform immediately to an international bank account, among other things.
What’s new with PayPal? Cryptocurrencies are the latest
Since June, it has been possible to withdraw cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH) from PayPal to other wallets. This is possible since the company is licensed by the New York Department of Financial Services.
This new service, which for now, only those who have a wallet in the United States can use, and it is not known exactly if it will be extended to other countries. It also makes it easier for users to deposit their cryptocurrencies to PayPal accounts from other wallets.
Two years ago, the U.S. organization enabled the option of paying with cryptocurrencies in merchants associated with PayPal. But now, there is the possibility of buying and selling these electronic assets more conveniently.
PayPal also plans to provide more information related to the use of cryptocurrencies since, in June, the organization added, through an official statement, that it will continue to operate with cryptocurrency products, services, and functions for the rest of the year. PayPal is also trying to create a stable crypto asset to increase its presence in the digital market.
Buy and pay later
Another of the changes or improvements that PayPal is implementing is undoubtedly an idea that began in November 2021 that simplifies the payment of products in different installments without generating commissions or interest. The mission is to make it easier for customers to make payments when they need them most.
This option so far can only be applied in Spain, and the opportunity for customers to buy what they need through digital channels is now a reality. Payments are split into three equal parts, considering the limit to spend between 30 to 2000 euros.
However, each of the operations must go through an evaluation process by PayPal to be approved and can not be applied to any product or service required by the consumer or in all available merchants.
This strategy of buying the product and paying for it later has not yet been extended to other parts of the globe, places where the company has a strong presence. In general, the company has made considerable progress in improving the quality of the services offered to its customers, although in some countries in the Americas, it is still only used as a payment gateway.
Who can access PayPal?
In all the places where PayPal has a presence, people only need to be 18 years old or the age considered to be an adult according to their place of origin, so each customer has to provide the following information:
- Full name.
- Mailing address.
- Email address.
- Date of birth.
- City where you reside.
- Telephone number.
Another option is to use false information to avoid complications with the account in the future. In addition to personal profiles, PayPal can create accounts for businesses.
Reasons to use PayPal
If the data entered in the registration form are true, now is the time to know the reasons why you should use PayPal:
- Ease: it is a website that complements the other operations for sending and receiving money in a simple way.
- Security: accounts generated in PayPal can cancel any service or product without exposing the user’s banking information.
- Immediacy: an advantage of this platform is that payments made from it are made immediately once the money is debited from the issuer’s account. The speed is similar to that of credit cards, faster than when paying by bank transfer.
- International: as it is a company that has a strong presence in several countries around the world, it is very easy to operate without the need to use intermediaries to make a payment or receive money.
- Guarantee: it is very easy for users to pay for anything with PayPal, no matter what happens with the business, since through the dispute resolution center available, it is possible to notify the company if there is any online problem. For example, non-delivery, wrong address, return to the merchant for the bad condition of the product, among other things, up to 180 days after the payment has been made.