What is PayPal?

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Asked on January 9, 2019 in History.
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If you buy something on ebay, how will you pay?

One method to make the payment is using your credit card.

But what if the seller doesn’t send you the goods after you make the payment. Or what if you buy stuff on some obscure website and the merchant steals you credit card details.

To address this problem, you can use PayPal – a payment solution.

You open an account with PayPal and provide your credit card details on PayPal.

So, when you buy something on ebay or on some small merchant’s website, you can just enter your PayPal id (usually your email id) and password to make the payment. And if the seller doesn’t send you goods, PayPal will refund you the money.

That’s what PayPal does – it helps buyers to make purchases from unknown small-time sellers. PayPal takes care of the “trust” in ecommerce transactions.

So, if you want to sell something on ebay, say, your old mobile phone etc., you can receive money through PayPal into your PayPal account. You can use the balance in your account to make purchases or withdraw the funds to your bank account (you need to link your bank account with PayPal for withdrawing).

There are lots of others things you can do with PayPal. Example – send money to your friends in your country or abroad, buy goods on walmart etc.,

Answered on January 9, 2019.
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