What does PayPal mean
PayPal is an online financial technology platform that lets people send money, pay for purchases and accept payments over the internet.
The company behind the service is PayPal Holdings, Inc. Wise describes it as a fintech business offering online payment services to both individuals and businesses, and Investopedia calls it a widely used platform for transactions between people and companies.
In a basic PayPal overview, the service works in three ways:
- Digital wallet: Users connect a bank account, debit card or credit card to their PayPal account and pay from those linked sources.
- Private checkout: Shoppers can pay online stores without handing their bank or card numbers directly to the merchant.
- Intermediary: PayPal sits between the buyer and the seller and handles the payment on behalf of both sides.
The main things people use PayPal for are:
- Sending and requesting money: Money can be sent to friends or family with just their email address or mobile number, and payments can also be requested.
- Online shopping: PayPal is accepted at millions of online stores, and its India help page says this spans more than 200 markets worldwide.
- Buyer protection: If an eligible item never arrives or does not match its description, PayPal offers help in resolving the issue.