PayPal is an online US based international business that allows money transfers and payments to be made over the internet. It provides an electronic alternative to conducting payments using traditional paper methods.

About the company

PayPal was developed in 2000 to provide safe online and cost effective transfer services over the internet. It was later bought by eBay to facilitate payments by eBay users including auctions and closed listings. Today, it contacts transactions across a wide range of industries including medical fields, science stores, and clothing market, technology and software businesses among others.

It operates in 193 markets with over 143 million accounts spread around the world. It allows customers to receive, send, and hold money in 26 currencies including the US dollar, Australia dollar Danish krone, Swedish krona, Swiss franc among others.

PayPal allows users to toggle funds between the online account and their bank accounts or their credit cards. It has also launched mobile phone apps including blackberry applications to facilitate payments. It offers mobile carrier billing and credit card system using the Bango payment system. The account is linked to email addresses and uses the account of the user as the address PayPal name. When sending money, charges are only incurred by the receiving client, deducted from the send money but not reflected at the sending user’s end.