Unless you have been hibernating in a cave since May, then you have probably already heard about the new payment service called PayPal.com, or at least seen a banner somewhere.
Paypal was initially created for Online Auction sellers and buyers to easily, quickly, and safely transfer money from buyer to seller, or to accept credit cards. Since then, X.com has bought out PayPal and added even more features, such as a Business Account option for businesses.
PayPal works like this:
You enter your information, such as your name, email address, address, which account you want, etc. Then you choose a password to use with your Paypal account. Not only is PayPal free to use, but you also get $5 for joining and $5 for every person you refer after that. If you sell an item or a service, you are only charged 1.9% of your transaction. There are no other fees involved. When you pay someone from your Paypal account, you are not charged at all.
Many businesses and individuals are now using PayPal. And the best feature of all is the ability to safely transfer money from one bank account to another. It only takes 4-5 business days to set up your bank account with Paypal, and after that, money paid by credit cards or by other means to your PayPal account is transferred electronically to your bank account with the push of a button.
Paypal now has "Purchase Now" buttons to put on your web site that takes the customer to a specified Paypal URL that you have set up where the person can either pay for the specified product on your site with a Visa or Mastercard on the spot, or sign up for a PayPal account and then pay with a check or money order that goes through Paypal.
When you make a lot of purchases online—but worry about identity theft. Would using PayPal, instead of a credit card, limit the number of people who have access to my confidential information and keep me safer?
Over 100 million people use PayPal to buy products and services online—but how does it compare to using a credit card?
If you’ve never used PayPal, it’s a service that allows you to pay online—using money in your PayPal account, your bank account, or with a credit card—anywhere a merchant displays a PayPal checkout button.
PayPal offers some nice benefits, but using it is no guarantee that you won’t become a victim of fraud. Because it’s so popular, thieves like hacking into PayPal accounts just as much as they like stealing credit card numbers.
However, it’s easy to beat the cyber criminals at their own game and stay safe using it.
Paypal has opened two new Innovation Labs at its Chennai and Bengaluru tech centres. This lab is the company's first in India and its third after the USA and Singapore.
Paypal said these labs will actively support innovation across various fields like machine learning, Artificial Intelligence, data science, IoT, penetration testing, software defined radios and wireless communication, VR/AR, computer vision and basic robotics.
It will also offer PayPal employees a range of hardware and gadgets to experience and tinker. This includes Raspberry Pi with full sensor kit, AlphaBot kit, IoT kit, Amazon Echo, AIY kit, Leap motion, 3D printer as well as Proxmark 3 Kit, HackRF One and Ubertooth One.
“India is a hotbed for innovation given its evolving startup ecosystem, diverse merchant profiles and enormous talent pool. To cater to their needs in the most effective manner, we are delighted to announce the launch of our newest Innovation Lab in India, where the focus will be on fueling new age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in,” said Mike Todasco, Director of Innovation, PayPal.
"Enabling innovation and creating amazing experiences for our customers is at the heart of PayPal’s global success and the Innovation Lab is another step to foster this spirit in our development centers in India,”
Let's make sending money as easy as sending an email to customers!