Paypal is a payment method synonymous with online transactions, and is one that we often take for granted due to how many years it has been around. We use it in most of our online purchases because we believe it is a safer method of banking than simply using our credit cards. And yet, we know so little about the brand other than where we can use it for, and what it does.
Contrary to popular belief, the company goes back to the late 1990s, when in its infancy, the objective of the brand was to store “encrypted information”, thus turning portable technology into digital wallets, or e-wallets as we fondly refer to them now. Funnily enough, it was around this time that Google launched, which seems ironic considering they are now competitors in the e-wallets market and that they both dominate online.
Due to the revolutionary nature of the idea, it didn’t take long for the company to gain momentum and with it, interested parties, and by the time the company decided to go public in 2002, eBay was on hand ready to buy their technology.
After all, it made sense to have one of the biggest online payment methods associated with your trading goods website. As we all know, while the partnership lasted sometime, Paypal and eBay have now split from one another; you can still use one with the other, but they aren’t one in the same.
This brings us to another question though – what other sites and uses does Paypal have? We all know of eBay and their relationship, but there is actually so much more to what this seasoned e-wallet can do.
Online consumers can actually use their e-wallets for just about anything: sending money through Skype, shopping, and bet at Betway. In fact, the latter option is actually one of the most popular uses for Paypal.
Online gambling is a huge sector, and as it is continuing to grow, concerns will always arise surrounding security, therefore to give peace of mind, safer payment methods and identity encryption are put into place.
Furthermore, you also have the flexibility and convenience of e-wallets that go hand-in-hand with the online gaming community, and indeed online fashion boutiques as well. Paypal is a multiple account service which allows you to opt for official payment 14 days after a purchase is made.
By being able to do this, you can avoid the embarrassment of too much money leaving your bank account at once. It is a simple concept in principle, but it is one that very few other online payment methods offer, and thus further secures its invaluable uses on the web.