Fore-note : Do you know what is E-commerce?
It is basically doing business, or having business transaction using electronic system, the most recent ones is World Wide Web and the Internet. These are some medium of paying :
Having said these, PayPal is the world's most commonly used mean for online shopping!
For people who rarely do online shopping ( example, yours truly here.), you might be wondering what is the thing that calls PayPal? ( Actually this is what inspired me to do this entry.)
It is this medium , somewhat like a middleman who is in-charge of taking the money from you and passing it to the seller. The money are sent through emails when buyers select the option of paying via PayPal. Having 95% of the transaction done in eBay via PayPal, it is a trusted way of paying your purchases online.
It is a financial transaction broker that is online. It allows both the buyers and sellers to transfer money to each other via email, While at the same time, the confidentiality of the credit cards or any bank information are secured. It is as if PayPal is this middleman who hold the money . With its strong ethics in business transaction, it has gained the trust of both buyers and sellers, especially with guarantees that their bank information are kept confidential.
1st : Buyers and Sellers giving PayPal their credit card and bank information2nd: PayPal "blinds" Buyers and Sellers private bank info from each other.3rd: The money is transferred through emails.
In case you might be wondering is there any requirements for using PayPal. Actually there is nothing much required except the access to internet and :
- a valid email address- a valid credit card or bank acc.
This is probably no wonder that PayPal is so popular and so commonly used! :)
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