Although few people are exempt from PayPal, one of the platforms that facilitates sending and receiving money online in different countries around the world. Between 2018 to 2019, this company managed to attract professionals of all kinds, merchants, and even housewives, because, it was considered at that time one of the most efficient services and allowed to make common and close transactions to the user in a simple way.
It was so successful that even betting sites in Mexico 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 the number of customers to provide them with a better quality service: cryptocurrencies. However, this 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. All you need to do is provide an email address and any payment you wish to make can proceed normally and securely.
This is a new option that has replaced traditional financial transactions, 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. Then, 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 globally recognized companies and handled a volume of 1.25 trillion dollars between the period from 2012 to 2021, according to data from the firm Statista. 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, as PayPal replaces these functions.
what’s new with PayPal in 2022?
PayPal now allows you to withdraw Litecoin, Bitcoin, Bitcoin Cash and Ethereum to external wallets, it is a function that is part of expansion to the cryptocurrency market. And all this thanks to the New York Department of Financial Services license it has been granted.
With this new feature, which is only available in U.S. regions, and it is not exactly known if it will be extended to other countries, it is easier for users to trade cryptocurrencies from their PayPal accounts to external wallets.
In addition, since a couple of years ago, the company enabled the option to buy with cryptocurrencies at merchants that are affiliated with the platform. And now there is a greater possibility to buy or sell products or services with greater freedom. Also, 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 likelihood of creating its own electronic currency to have more weight within the digital currencies market
Another new option that PayPal is offering people is to pay for products in three steps without generating commissions or interest. The mission is to allow customers to manage their expenses and acquire what they need without having to pay the total amount of the product immediately.
Each of these operations goes through an evaluation process of the company to be approved, however, it is not available for any product or service, nor for all affiliated merchants.
This strategy devised by PayPal to buy and pay later, is only applied in Spain and has a limit ranging from 30 to 2000 euros. So, the company is experiencing progress with respect to previous services, although some Latin American countries still see this platform as a payment gateway only.