Paypal is an online system to pay for your purchases, send and receive money through complete online transactions, meaning there is no need for a physical exchange of money. Users make an account on PayPal and then link it with their bank account to easily and quickly make online purchases. It is a completely secure way to ensure that your payments are made online, as PayPal acts as an intermediary between the user and the merchants just like a bank. Apart from online shopping, PayPal can also be used to transfer and move money from one account to another. For example, sending money to family, friends, colleagues, or roommates as and when required.
- PayPal provides proper security to prevent its users from being victims of online fraudulent activities, through its security features. These include data encryption, two-factor login, and email confirmations for each transaction.
- It is one of the easiest and quickest ways to make purchases and then pay for it- alleviating the use of cash
- Widely accepted way of making payments as users can withdraw money in 56 currencies; receivers can receive money in almost 100 currencies.
- It is also free to use, and there are no hidden charges to be paid to the company.
- PayPal uses HTTP protocol and requires a TLS 1.2 or more for HTTPS connection.