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Posted on: 10 February, 2021

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PayPal Online e-wallet Access Benefits

An American company, PayPal Holdings, Inc., offers online payment systems in most countries that support web or e-wallets and online money transfers. Begun as an electronic alternative to traditional banks and paper checks, PayPal boomed to world recognition as the payment processor for eBay in the early 2000s.

Today, PayPal has grown to incorporate personal and business services that start with e-payments and have morphed into a massive handler of auction, vendor, and small business payments. It’s continually expanding and changing business model has continued to its success and made the company well known and a Fortune 500 largest United States corporation measured by revenue.

Although PayPal initially offered deposits to online gaming sites, those transactions’ legality came into question in 2004 and were suspended until reversed in 2010. Since then, most users can quickly and easily deposit and withdraw funds to their favorite online casino and bookmaker. Your deposit may incur a small fee based on the casino, but that is usually heavily offset by deposit, first-time, and loyalty bonuses.

Any withdrawal fees from your bookie or casino are noted when you click to take winnings from your online account. Transferring cash from your PayPal e-wallet to your checking/savings account may also require a small fee.

The History of PayPal

Originally named Confinity Inc., PayPal was the brainchild of Max Levchin, Peter Thiel, and Luke Nosek  as a way for owners of Palm Pilots (an early tablet-style writing device with a stylus) to transfer money back and forth for projects via Palm’s infrared ports.

In 1999, Confinity launched PayPal to expand their payment exchange program into a proper payment processing company and to take advantage of the internet’s growing market and banking opportunities. Early investors included CyberCash founder William N. Melton, Deutsch Bank, and Nokia Ventures.

The following year, Confinity merged with Elon Musk’s company, X.com, to expand their market. An aggressive campaign was used to have existing members recruit new followers by offering a $5 bonus for every friend they could convince to give PayPal a try.

Although Musk thought X.com was the perfect name, consumers found the term confusing and possibly connected to Internet porn, so PayPal stuck. Surprisingly, the company was a favorite vendor for web gaming, but nobody seemed to mind that inference. And, it became the go-to web wallet for several companies, including eBay.

In February 2002, PayPal had its IPO listed on NASDAQ, making the partners reasonably well-off. Back then, you could have purchased shares at the bargain price of just $13 each. It also gave a valuation to the business that prompted eBay to buy the company later that year in a $1.3 billion stock deal, making the original partners rich.

Musk left the PayPal group with a heavy wallet and founded SpaceX, his aerospace manufacturer, and space transport services company. You may have heard of it, or Tesla, Inc., which he became chairman of in 2004 (now its CEO).

At the same time, PayPal temporarily stopped processing deposits and withdrawals to/from internet casino gaming sites. Neteller was the big winner of that change, becoming the largest processor of gaming site cash.

PayPal Offers Online Gaming Transfers

After PayPal’s IPO and subsequent purchase by eBay, it acquired VeriSign payment solutions to add security support to its products. Later, in 2007, it partnered with MasterCard and launched PayPal Secure Card services so customers that did not accept PayPal directly could still be serviced.

The partnership with MasterCard allowed PayPal customers to use their balance for online and retail brick and mortar purchases around the globe. Cardholders were also able to use view and withdraw cash at ATMs and make deposits at websites.

Overwhelmingly those deposits were at online casinos and poker rooms. As internet gaming boomed, so did PayPal’s popularity and use. In 2011, PayPal had more than 100 million users in 190 markets that included 25 different currencies.

If you are worried about PayPal as a safe alternative to credit card use, the company accounted for 40% of eBay’s revenue in 2012 and processed $145,000,000,000 in cash transactions. Shortly afterward, eBay spun-off PayPal into a separate publicly-traded company. That company gobbled-up much of their competition by acquiring groups like Xoom, IronPearl, and Braintree. It later acquired iZettle for $2.2 billion, wishing to strengthen its in-store expertise and digital marketing power. Venmo and honey are also PayPal companies.

Today PayPal is headquartered in San Jose, California, and La Vista, Nebraska, and boasts 21,800 employees. PayPal’s current market cap is $293 billion.

Setting Up a PayPal Wallet

It’s relatively easy to get a PayPal account up and running, and with more than 300 million users, PayPal offers a simple way to buy, sell, and send money. Web wallets were designed for online, but PayPal goes well beyond the internet world. All without sharing your personal financial information. Signing up is free and takes only a matter of minutes.

PayPal promises to simplify your life and your way of spending and sending your money. They have certainly evolved into the most prominent, most accessible money processor in the world. Still, they’ve also expanded their product line to include business and personal products, accounting, sales, and purchase reports, and processing for all forms of payments.

To get started, you’ll need to enter your mobile phone handy to apply. You’ll also need a current email address for quick verification of your data. Additional information will be required, including a government-issued photo ID and a current mailing address.

PayPal accepts members from across Africa, the Americas, Asia Pacific, and European countries. Most of the world. You’ll get instant notification and access to your account when you finish your online application. From there, you’ll be able to link a bank account and have the ability to buy and pay for products and services at websites across the globe.

Many local service providers also offer PayPal as a payment option. Whether you want to buy an antique at a swap meet or pay your gardener, you can download the PayPal app or use it to scan a seller’s QR code and send them cash by entering the amount and tapping “send.” It’s that easy.

PayPal Benefits and Services

The list of benefits and services at PayPal is continually growing. Although business accounts are available, we’ll assume you are getting your PayPal account for personal use – and you want to use it as an e-wallet to fund your favorite online casino or maybe your best bookie shop. That’s fine. You won’t need to have a bank account, although it helps since you can begin using your account with just a credit card.

Your credit card can be set up as your primary source for funding purchases, or you can upload cash to your account and use it for purchases or deposits. When you withdraw funds from an online casino, they will appear in your “available balance” section. Those funds can be used for purchases from anyone in the world who uses PayPal, or you can even send cash to friends and family, as long as they have a PayPal account.

Get Your Cash Instantly

Deposits from your account to your bank can take several days. However, a new service at PayPal is now available that does an instant transfer to your bank. Again, there is a small fee for the convenience, but it’s great to be able to get cash into your account immediately.

As noted, there is never a fee to open a PayPal account or to download and use their mobile app. However, when you sell a product directly to a buyer or use a service such as eBay to sell products, there are nominal fees.

PayPal also charges a fee when you get cash from outside your region or country, and if you send a payment to another country or receive a payment from a person in another country. The transfer of fees across different currencies will incur an extra cost.

Banks charge sellers for accepting credit cards (credit card fees), so if you use your debit or credit card to make personal payments, there will be fees.

There are no fees to transfer money directly to your bank account or need to have any balance in your account sent in check form. Currently, there is a $1.50 fee to have a check sent.

It’s also free to get money from friends (in most countries) if they send cash using their bank account – or use a PayPal Cash or PayPal Cash Plus account. You are not charged a fee for sending money – but payments made as a gift may be charged a fee the sender can pay themselves or ask to have the receiver pay.

PayPal offers their PayPal Cash (Debit MasterCard) card as a debit card for their PayPal Cash Plus account. US users can make purchases at retail stores or online, anywhere that MasterCard is accepted.

You can also get cash at MoneyPass ATMs nationwide – for free. When the ATMs (worldwide) are not marked as MoneyPass, there is a $2.50 fee applied to withdrawals. Daily limits also apply. Cash reloading is offered at thousands of locations, so you can always get money into your PayPal account when you need to. There is no annual fee for the PayPal Cash Card. It’s not a credit card – it’s a debit card to access funds in your e-wallet.

PayPal does offer a series of credit cards to qualified account holders. Each comes with a range of extras and advantages. You’ll want to view each to get the specific benefits most important to your use.

Some uses may have fees. If you request a Personal Identification Number (PIN), you’ll also be able to get cash at ATMs – if you qualify. Transactions involving cash advances have fees that will include the advance fee and the fee for using the ATM.  

PayPal Crypto Currency Transactions

Starting in 2020, Crypto currency's buying and selling are available to US accounts (except Hawaii) in US dollars. There are plans to expand their service to select global markets in 2021.

Expanded services are expected to be extended to Venmo – and Crypto currency may soon be used as a funding source for purchases at more than 26 million merchants. When the Crypto currency source is chosen, PayPal instantly converts to fiat currency and makes the transaction. Your investment costs the correct amount – bought with crypto at the current crypto price.

Current currencies allowed are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You’ll need to confirm your interest in Crypto currency exchange and purchase with a PayPal Cash account. Fees will apply for initial currency purchases.

The Safety of PayPal

When you use PayPal, your personal information is safe. Recipients never receive your sensitive financial information like your bank account number or even your credit card number. They get the cash!

The PayPal Purchase Protection plan also covers your purchases, so you can always open a claim if items or services are defective.

PayPal does allow approved gambling merchants in many jurisdictions where gambling is legal. It does not allow gaming transactions for US account holders or other locations where gambling may be illegal.

That means non-approved merchants may not accept PayPal deposits or allow members to withdraw funds from any wagers.

PayPal suggests the use of their security key to keep your account safe. It’s a two-step authentication that sends you a personal identification number for a particular, unique login session. The added security is well worth the extra 10-seconds it takes to verify your login.

PayPal also boasts a team of compliance and security experts that implement the latest data encryption like secure HTTPS connections and strong TLS configuration.  When you use an IOS or Android app, your mobile device uses a TLS connection, and key pinning makes sure you are connected to a real PayPal server. They employ rigid data protection, such as PCI-DSS, so your transactions and account stay safe. Don’t share your password or account name with anyone, and don’t fall for fishing attempts. If you have questions, don’t click on a link in any emails — go directly to the PayPal account!

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