Although there are few people who are exempt from PayPal, one of the platforms that facilitates the sending and receiving of money online in different countries of the world. Between the period 2018 to 2019, this company managed to attract professionals of all kinds, merchants, and even housewives, since, at that time, it was considered one of the most efficient services and allowed common and user-friendly transactions to be carried out in a simple way.
It was such a success that even Mexican betting pages began to work with it, and now it is widely used in any business. In addition, this company is proposing new changes as a result of the increase in customers to provide them with a better quality of service: cryptocurrencies. Although, it is not the only novelty that the company has in mind.
What is Paypal?
PayPal is a financial services company where users can send or receive money online, without the need to provide information about an international bank account. It is only enough to indicate an email address and that’s it, any payment that the person wants to make can proceed normally and safely.
It is a new option that has replaced traditional financial operations. PayPal was created in 1998 under another name, Confinity, and began offering PDA exchanges to its customers. It was a system similar to a pocket computer that soon became a thing of the past when mobile devices such as smartphones and tablets appeared on the market. Later, in 2001, it was called PayPal and was bought by X.com, a financial company founded by Elon Musk. Then, in 2022, eBay acquired the commercial rights and the rest is now history.
Today, PayPal is part of more than 30 companies recognized worldwide and handled a volume of 1.25 billion dollars between the period from 2012 to 2021, according to data from the Statista firm. On this platform, people can send and receive money, pay their workers, buy products or services, and work with third parties without having to rely on an international bank account, since PayPal replaces these functions.
What news does PayPal bring in 2022?
Now PayPal allows you to withdraw Litecoin, Bitcoin, Bitcoin Cash and Ethereum to external wallets, it is a function that is part of the expansion to the cryptocurrency market. And all this thanks to the license granted by the New York Department of Financial Services.
With this new function, which is only available in the regions of the United States, and it is not known exactly if it will be extended to other countries, it is easier for users to operate with cryptocurrencies from their PayPal accounts to external wallets.
In addition, for a couple of years, the company enabled the option to buy with cryptocurrencies in businesses that are affiliated with the platform. And now there is a greater possibility to buy or sell products or services with greater freedom. Likewise, PayPal plans to provide more information regarding cryptocurrencies, since, since June, in an official statement the company indicated that it will continue working to offer more products and services in cryptocurrencies to its users. Also, the platform is investigating the probability of creating its own electronic currency to have greater weight in the digital currency market.
Another new option that PayPal is offering people is to pay for products in three steps without generating fees or interest. The mission is to allow the customer to manage their expenses and acquire what they need without having to cancel the total amount of the product immediately.
Each of these operations go through an evaluation process of the company to later be approved, however, it is not available for any product or service, nor for all affiliated businesses.
This strategy devised by PayPal to buy and pay later, is only applied in Spain and has a limit that goes from 30 to 2000 euros. So, the company experiences progress compared to previous services, despite the fact that some Latin American countries still see this platform as a payment gateway only.
