PayPal is a popular medium for online money transfer and payment. Elon Musk is one of the co-founders of PayPal. PayPal (or PayPal) is currently leading the digital payment system. But many people in our country do not know what PayPal is and its benefits. Because PayPal has not started offering them in Bangladesh yet. Maybe PayPal will come to Bangladesh in the next couple of months.
PayPal has more than 360 million users in more than 200 countries around the world. PayPal completed 4 billion transactions in the third quarter of 2020 alone.
Since its inception in 1996, PayPal has opened up new possibilities for online shopping and money transfer. PayPal can be easily used instead of the traditional credit card to pay online. PayPal has a unique role to play in alleviating the suffering of check or wire transfer services.
Anyone can open a free PayPal account and add it to their PayPal account for the purpose of sending money to their bank account, credit card or debit card . Let's find out more about the popular online payment system, PayPal.
What is PayPal - What is PayPal in English
PayPal is an online payment system that we already know about. PayPal is basically an American multinational company that provides financial services through technology. Money can be sent / received and received online.
When a bank account, credit card or debit card is linked to a PayPal account , the money purchased from a PayPal supported store is paid with the bank's money using PayPal. PayPal acts as a middleman between banks and merchants. PayPal also ensures the security of payment information.
The service can be used to send money to friends or family members using PayPal as well as receive money from others. These features come in handy in a variety of situations.
PayPal Credit - PayPal Credit
PayPal Credit is an open-end credit service account operated by PayPal. But PayPal credit is not a real credit card. Where PayPal Credit is supported as a payment method, PayPal Credit can be used. Different fees apply to PayPal like credit cards.
This means that PayPal Credit acts like a virtual credit card, which can only be used at PayPal-supported payment points.
PayPal Cash - PayPal Cash
In 2019, PayPal launched this separate feature called PayPal Cash. All the money in PayPal together is called PayPal Cash.
When someone sends you PayPal money, you can keep it in a PayPal Cash account or transfer it to a bank if you want. Money in a PayPal cash account can be sent to family or friends without the intervention of a bank account.
PayPal cash balance can also be taken from online payment services like Google Pay and Samsung Pay.
When will PayPal come to Bangladesh?
Online payment system, PayPal is going to be launched in Bangladesh soon. It has been reported in various media that PayPal may be launched in Bangladesh within this year.
How PayPal works - PayPal Explained in English
PayPal serves as a service platform between two people who want to exchange money between themselves. It can be used to send money to friends and family without any separate charges. A small fee is applicable for using PayPal for any service or purchase.
A simple PayPal account is enough for personal use. However, in order to use it in business, you have to open a PayPal business account. Although PayPal payment can be taken using personal account, business account has different benefits.
PayPal provides fraud protection, enhanced security and encryption for all transactions on both personal and business accounts.
Is it possible to open a PayPal account from Bangladesh?
PayPal is expected to be launched in Bangladesh by December 2021. At the moment there is no official way to open a PayPal account from Bangladesh. Refrain from opening PayPal account in any other alternative way. Accounts can be banned due to fake addresses, which can result in you losing your money.
Advantages and disadvantages of PayPal
Every day, countless buyers and sellers around the world are using PayPal (www.paypal.com) for money transactions. With the advancement of technology, everyone is moving away from the traditional practice of money transactions and embracing digital payment systems like PayPal.
Let's find out why PayPal is so popular and why this payment service is used so much. We also know that there are some problems with using PayPal.
PayPal is an effective way to pay online. Let's find out why PayPal is more convenient than other payment systems.
PayPal provides great protection in terms of payment. The company completes every transaction by following a very good encryption system. PayPal Purchase Protection also provides protection on every transaction. This means that in case of any problem, PayPal will help you with a refund or any other way.
The size of PayPal as a payment service can be gauged by looking at its operations in 203 countries. Payments can be made without having to convert currency using PayPal in any country, which is a huge benefit for travelers.
You do not have to type a bank account number to make a payment using PayPal. Any type of PayPal transaction can be done using only the smartphone at hand. So making payments using PayPal is a very quick and easy process.
PayPal provides rewards based on usage. Just as there are rewards for credit card payments, there are also rewards and offers for PayPal transactions.
PayPal rewards are also available if you use a credit card linked to a PayPal account.
All in one
We already know that bank account, credit card, debit card can be added to PayPal account. As a result, all transactions can be done from PayPal without any hassle. There is also PayPal payment support in most countries of the world, making PayPal a universal wallet system.
There are advantages as well as disadvantages of all things. PayPal is no exception. Let's find out about some of the disadvantages of PayPal.
PayPal balance can be used to send money to family or friends for free, without
any additional charges, PayPal deducts charges for business transactions.
Instantally pay 1% charge for money transfer from PayPal to bank account. Again, free bank transfer can be done, but it takes some time.
There are many complaints in the name of PayPal in case of freezing the account. Once your PayPal account is frozen, your PayPal account or the money in it will be out of reach until proven innocent.
PayPal Alternatives - PayPal Alternatives in Bangladesh
PayPal is not the only online payment system. In addition to PayPal, there are many other popular payment systems. Let's find out about some of PayPal's alternative services.
The growing popularity of freelancing in the country and the lack of PayPal are two reasons why Pioneer is so popular as an online payment system . Pioneer can be used in any country that accepts MasterCard . Pioneer balances can also be cashed out from local banks or ATM booths .
Almost everyone knows about development . The most popular and most popular digital money transaction system in Bangladesh is bKash. Any type of internal transaction can be done using bKash account . Money can also be transacted with banks using bKash.