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How PayPal became popular?

PayPal is the world's most popular middleman service for online purchasing. Money Gram and wire transfers were the standard in the 20th century. But today over 170 million internet users turn to PayPal to send money to each other based on an email address. Since its start in 1998, PayPal has become a convenient and trusted way to transfer money online. In this article let’s find out how Elon Musk made our lives easier

How PayPal became popular? 
PayPal is the world's most popular middleman service for online purchasing. Money Gram and wire transfers were the standard in the 20th century. But today over 170 million internet users turn to PayPal to send money to each other based on an email address. Since its start in 1998, PayPal has become a convenient and trusted way to transfer money online. In this article let’s find out how Elon Musk made our lives easier. 

 PayPal usually offers three major benefits:
 • It is widely used, so there are strong familiarity and trust around the PayPal service
 • It is convenient, as all you need to know is a person's email address to send money
 • It conceals banking and credit card information from the other party
PayPal lets people send money to each other's email addresses while simultaneously concealing each party's credit card and banking information. This approach is ideal for purchasing goods from strangers and for transferring money to friends and family. Similar to an escrow service, PayPal acts as the middleman holder of money. PayPal implements guarantees so that both buyers and sellers have assurances that their money or goods can be recovered should the transaction turn sour .Most of all: both parties can avoid the paperwork of dealing directly with banks and credit card providers. 

There is no requirement for special technology or a business license to send or receive money through PayPal. You only need a valid email address and a valid credit card or bank account.
 How PayPal earns profit? 
As a middleman financial broker, PayPal makes its profit by charging a percentage of the money it transfers to you. PayPal is free for buyers of goods. When a buyer sets up a PayPal account, it costs nothing to send money to a vendor. The funds are withdrawn from the user's credit card or bank account, or both. PayPal does not charge buyers to send money. PayPal charges sellers of goods a 30-cent fee plus a percentage surcharge to receive money. 
PayPal will only charge you to receive funds. Using a special surcharge formula, PayPal will bill sellers whenever they receive a payment from a buyer. The rate varies between 1.9 percent and 2.9 percent. 

PayPal became popular because it could allow payments for multiple services, y ou like a pair of shoes on eBay, PayPal makes a good alternative for your credit card, as you can keep your card information from being circulated online. If you want to subscribe to Netflix or another online subscription service that requires monthly payments, then PayPal is a good choice. You need to repay some cash you borrowed from your buddy, or your kid is in Australia and you need to transfer money to them. PayPal is good at these transactions and can have zero surcharges.  
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Sandeep Semwal
Content Writer
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