21 February 2011


Send and receive money and shop online using PayPal

PayPal is the safer, easier way to send money overseas, make payment online without revealing your credit card number.

PayPal is an e-commerce business allowing payment and money transfer transactions to be made through the internet. This serves as the best alternative to a traditional method of sending money overseas.

PayPal performs payment processing for online vendors, auction sites, and other commercial users for which it charges a fee. It may also charge a fee for receiving money. Fees depend upon the currency being used, the country of the sender, the recipient and the type of the account used.

PayPal operates in 190 markets, and manages more than 232 million accounts and more than 87 million of them active. PayPal allows sending, receiving, and holding funds in 24 currencies worldwide including The Philippines (Philippines peso). PayPal currently operates locally in 24 countries.

PayPal is now widely used in all e-commerce transaction, though this is not classified as a bank in the United States. The company still subject to some rules and regulation governing the financial industry including regulation E consumer protections and the USA Patriot Act.

Signing up PayPal is no risk at all; it offers a security protection against fraud. A user account ties to a security key.  The account holder enters their login ID and password but then you are prompted to press the button for the six digit security key.  

PayPal mobile transaction is also possible. Through the use of MTAN (Mobile Transaction Authentication Number) via SMS but then there are possible security threats to older mobile handsets.

What is best for PayPal is that account holder's private information is marginally protected under one federal law.  Since PayPal is a financial institution under the Gramm-Leach- Bliley Act (GLB), it cannot disclose its account holders' non- public personal information unless the account holders opt in to those disclosures.
 PayPal puts the "Limited Access" designation on the account. The account holder must:

* Log in
* Reset their password
* Develop a set of security questions (based on the subjective and not the fact)
* Verify location by phone or by mail

Sign up for PayPal and start accepting credit card payments instantly.

Information on this article taken from Wikipedia® The Free Encyclopaedia

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