PayPal is a leader in the online money transfer industry. This provider was first launched as Confinity in 1998 to develop security software for handhelds. X.com then acquired Confinity before it was officially renamed PayPal in 2001. Shortly after, in 2002, PayPal went public. PayPal is headquartered in San Jose, California. It also has offices in Luxembourg and Singapore, strategically positioned to serve its European and global clientele.
PayPal has cemented its place as a reputable digital payment processor. Initially, PayPal was primarily used by eBay, an online auction platform. eBay acquired PayPal in 2002, further widening its offerings, including purchasing goods and exchanging money between user accounts. Following a series of mergers and developments, PayPal was spun off from eBay to become an independent company.
Payment Methods Supported by PayPal
PayPal users have several methods to send money to their PayPal accounts. These include:
- Instant transfers: This method allows PayPal users to send money into their accounts quickly. Instant transfers are only available to users with a credit or debit card added to their PayPal account.
- Credit card: Credit card holders can also make payments with considerable ease. The best part about credit cards is that PayPal and the card issuer double protect them against fraud.
- eCheck: Just like writing a check, eChecks used to load funds in an account aren’t “instant;” they usually take several days to clear.
- PayPal balance: Lastly, punters can obtain funds from other PayPal users.