When it comes to online transactions, which method people love most? According to many research and journals, it is Paypal. This financial company has brought a revolutionary change in the payment and banking system. With reliability and convenience, Paypal becomes the top choice of online merchandisers and vendors. Besides, consumers love Paypal for the security and efficiency it provides as a payment gateway. Such as you can quickly transfer PayPal to MPESA or any other system you want.
According to Paypal, there are more than 377 million active Paypal users now in the world. This is a massive number for any company in the financial and banking industry. But what are the reasons behind this success? Why do people still love PayPal for online transactions? In this blog post, we are going to explore the top 5 reasons why the internet loves Paypal.
5 Reasons Why the Internet Loves PayPal
Paypal started its journey in 2000 as a banking company. However, it was created by merging two companies named Confinity Inc. and X.com. Since then, Paypal is providing the best service as a digital payment method. Their digital wallet, security, reliability, everything is the backbones of this success. Here are the top 5 reasons why people love Paypal:
Security is a huge concern when it comes to online transactions. When you use a credit card for online purchases, there is always a chance that hackers can steal your data. But Paypal has the most secure online banking system in the world. They developed their technology to make the safest route for every transaction. Using security protocols like SSL makes it more convenient and safe. Besides, you can use features like two-factor authentication to make your wallet more secure. This ensures that if the hacker has your email and password, still he won’t be able to login into the account. Because of two-factor authentication, he needs the code that comes to your mobile phone for login. With the help of data encryption technology, Paypal makes it more complicated for hackers to get any information from any account.
The second reason why Paypal is popular is its availability. Almost every country in the world accepts PayPal as a legal finance company. Therefore, you can use Paypal there to do any kind of transaction. For example, to purchase something from an e-commerce website, to send and receive money from someone, anywhere you can use Paypal. In one sentence, your money is accessible from anywhere in the world as long as there’s an internet connection. You can even use Paypal as your Bitcoin wallet also. Therefore, using Paypal is more beneficial than a typical banking system. Just login into your account with your device like smartphone, laptop and make the transaction you want.
3. Free and low fees
Is Paypal free? Yes, Paypal is totally free for regular use. They don’t charge anything monthly or yearly for account maintenance. You can use your Paypal till you have money there. This is another reason why Paypal is popular among users. Besides, their lowest transaction fees system makes it more popular. They charge just a tiny amount of money per transaction. It is 2.9% per transaction. It is not as high as typical banking companies charge. You can send any amount of money, from $1 to $1000; the number is not limited. With instant transfer technology, you can make the transaction within some seconds, where traditional banks take 2-3 days for the entire process.
4. Coupon and Discounts
As Paypal is one of the most popular payment methods, it has collaboration with other companies. For this reason, Paypal offers their customers coupons and discounts in many cases. It offers free-to-send money options for famous e-commerce sites. Besides, with the coupons, you can purchase anything from specific sites. As Paypal helps people to save money, people are becoming more attracted to it.
5. Easy to Use
Last but not least, this easy-to-use feature makes Paypal more popular among users. The reasons why people love PayPal can be boiled down to one word: convenience. With a PayPal account, you can send and receive money from anyone. You just need their email address, and within a few clicks, you can complete the task. The process is totally simple and straightforward. Just open an account from your device using your details. If you don’t have a bank account or credit card, it is just fine. You can still use Paypal without them. But for better efficiency, you can add your bank details. There are options for the personal and business account that makes it easier to maintain the wallet. Paypal supports different types of currencies along with different kinds of languages. Besides, it has a strong customer support team that provides solutions for any type of issue instantly.