Online money transfers becomes popular with PayPal
PayPal is a private Limited American company that is considered as digital wallet based payments for online money transfers that are made through internet. Due to the advent of e-commerce and online money transfers, the traditional paper checks and money orders have gone into extinct. PayPal is very popular among the people of all over the world and it has largest network for money transfers. It was founded in June 1998 in Palo Alto, California. PayPal became a subsidiary office of eBay on October 2002. The headquarters is situated at San Jose, California. On September 2014, E-bay declared an announcement that PayPal would split from their company by the end of 2015.
PayPal introduced VeriSign payment solution in 2005 to improve and expand its e-commerce services with additional security. Paypal also introduced partnership with MasterCard thereby leading to the development of PayPal Secure Card Service in 2007. Services offered by PayPal are enormous and its operation is widespread in more than 203 markets. At present there are 152 million user accounts which allow people to make payments, load money and holding the money in the account. PayPal accepts 26 currencies to make financial transactions. PayPal allow services for sending, receiving payments for online business on the websites and to send and receive donations.
PayPal introduced Student Accounts in 2009 which helped the parents of the students to setup a student account. Money is transferred to the student account and the student is provided with debit card for use. PayPal launched mobile app in iTunes App Store and Google play and One touch service which enabled the user to pay instantly by one-touch option on merchant websites. PayPal app is updated with a feature which enables the users to search for nearby hotels and retail shops which accepts PayPal payments. It also offers Bill Me Later option to forward a bill to be paid later.
PayPal account is created by opening the homepage of PayPal.com and requesting to create a account by following the instructions. Most people choose personal account to use PayPal at free of cost. Besides personal account, there are premier and business accounts. Premier accounts are accounts that cost some charges and have monthly limits for withdrawal and have better customer service. Business accounts are full-fledged PayPal accounts and are provided with features like holding the account in the name of business, access to advanced tools, limited access for employees to communicate with their business account.
Money is loaded into the PayPal account by clicking the Add Money link. Adding money can be done by either direct transfer from bank or by using Green Dot MoneyPak. Withdrawal of money is done by self verification and choosing the withdrawal type. PayPal is provided with plenty of withdrawal options like bank account transfer, PayPal debit transaction, ATM cash withdrawal and written check. Statements for last three month’s transactions can be collected and printed for maintain records. PayPal also initiated Resolution center for requesting assistance of PayPal in fixing payment disagreements. Thus PayPal is most trusted and popular site for online payments and receiving money.