PayPal, founded in December 1998, is the granddaddy of payment companies. It operates an online payments system in the majorities of countries that support online money transfers and serves as an electronic alternative to traditional paper methods of checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users.
As of 2020, PayPal operates in 202 markets and has 305 million active, registered accounts. PayPal allows customers to send, receive, hold funds in 25 currencies worldwide. PayPal services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.
Listed below are the benefits of using PayPal app.
- PayPal mobile application is extremely user-friendly.
- It is simple and free to set up a PayPal account.
- No fee to transfer funds to family or friends from a PayPal balance or bank account balance.
- PayPal offers the ability to transfer money to and from any US-based bank account and many foreigh accounts.
- PayPal provides strong encryption technology to keep account secure.
- PayPal has a new feature in the mobile app where it let customers make payments at stores, farmers markets and anywhere else using QR codes (scan a code using the customers’ phone camera).
- The service is widely used and has many payment functions (peer-to-peer transfers, buy and sell online, integrated with many online retailer checkout pages.
- PayPal has high transfer limits (send up to $60,000) in a single transaction).
- There are multiple methods of payment for transfers. Users can send money with a debit card, a credit card, a bank account, PayPal balance and PayPal Credit.
- PayPal allows customers to use cryptocurrencies to shop at 26 million merchants on the network.
In conclusion, PayPal is the best overall payment apps.