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PayPal: About the Payment System

Description of payment system PayPal, how to exchange Pay Pal. All about PalPay Whether you need an account for personal use or for business, PayPal account is a good alternative and registration is free. PayPal is neither a digital gold currency issuer nor a bank but a money transmitter. What PayPal does is that it allows people to make transactions using more than 24 national currencies.

Currently, PayPal is trying to make it possible for anyone to walk into a store, in their neighbourhood, and make purchases using PayPal. It is one of the most reliable, efficient, quick, and trusted payment systems in the world and so we may soon start making PayPal payments in the shopping malls instead of credit cards.


PayPal is an American-based company and a subsidiary of eBay Incorporation with headquarters in Palo Alto, California, USA. It was founded in 1998 and it is one of the most popular Web sites in the world. PayPal services transcend national borders and it is available in several languages, too.

PayPal was acquired by eBay for $1.5 billion and it quickly became the payment option by choice for many eBay users. PayPal operates physically in over 21 countries — with offices in the U.S., Singapore, Israel, Europe, and a number of countries- and in over 190 markets across the globe.

PayPal is not a bank but a money transmitter in some countries and in others, Europe for example it has a licence to operate as a bank. In the United States, it is by law a money transmitter and thus must obey banking regulations. PayPal entered into partnership with China UnionPay (CUP) in order to make it possible for Chinese users to make international payments online. Available to the Chinese are and Chinese using cannot make international payments.

How PayPal Works

To conveniently send money online, you need a PayPal account or ask someone working for you to send you a PayPal Invoice, which you can "Pay Now" by using a debit or credit card — you don't need a PayPal account to send payment in this case. However, having a PayPal account helps PayPal protect the customer: You can cancel a transaction should anything go wrong such as in situations where the quality of goods are not what you had expected. If a PayPal account is not linked to a bank account or credit account and money was sent to it, the user can still use it to pay for goods and services.

Please note that there is limitation on unverified accounts. To remove such limitations, you must verify your account and get it properly configured.

Opening an account is free and all you need is a regular email account and any one of the following: credit card, bank account, and debit account. Unlike some payment systems, you do not fund and save up with PayPal account rather you connect your PayPal account to a lifeline, which could be your bank account, credit card or both.

When an account receives money, the money could be redrawn via credit card or bank account or the holder could request for a check from PayPal.


PayPal is very secure. Although no Web site or dotcom firm could boast to be secure in the right sense of the word, however, PayPal is using several security layers to help stop phishing and identity theft. Phishing is a situation where rogues send thousands of emails at a time that look as if they are coming from PayPal urging PayPal account users to take specific actions, all in an effort to steal their identities and gain access to their accounts.

This is the reason why PayPal advises account holders to resist the temptation of clicking on any link in their inbox claiming to come from the company. Users are also advice to avoid giving any of their details via email because PayPal will never ask for such data. In addition, to be properly safe, PayPal urges its users to avoid accessing their PayPal account on a public computer and also to be alert and always check to see that it is truly from the URL field of their browsers.

One important thing about making transactions with PayPal is that your bank account details and credit card information are safe. You only need to provide that information once and PayPal will save and guard them for you. PayPal spares you the tedious task of typing in your credit card or bank account information each time you pay online. So therefore, all what the person at the other end is going to see are just your transaction details stating name and location information. Your credit card information and bank account details will not be visible to anyone you are sending money to.

Types of PayPal Accounts

There are two types of PayPal accounts namely PayPal for personal use and PayPal for business. PayPal for personal use lets private individuals send and receive money. It is for private use only. PayPal for business allows businesses to make payments and people to buy things online. PayPal for business has many interesting packages. There is the simple Package, which is the website payments standard that does not need any programming skills.

Using PayPal for transaction is easy as ABC. Thousands of merchants use PayPal to receive payments for goods and services daily. You can also use PayPal on your mobile while on the go. All you need to do is download the free app and you are ready to do everything on PayPal that you can do on a desktop or laptop computer. Depending on what you want, you can email your bill with a Pay Now button to someone and get paid immediately. A PayPal account holder can also make mass payments and it is easy to make payment for commission and lots more too. Majority of us love PayPal because it lets us mask our bank or credit card details while doing shopping online.

Exchange PayPal to e-currencies

On our site you can see the current exchange rates of PayPal USD to other electronic payment systems.

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© – , updated 08/02/2023
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