Paypal is an online payment processing system, offering secure financial transactions where bank details are not shared. A variety of online retailers accept Paypal in lieu of credit card details. The system can also be used to send money to people or as payment for eBay transactions.
Paypal works by sending money between member’s accounts, using email addresses. To use Paypal, members must create an account and enter valid credit/debit card or direct debit details. When a payment is authorised, Paypal will debit this source. Using this system offers extra peace of mind when shopping online as the recipient has no access to personal information. Paypal also guarantee to refund in the case of fraudulent or disputed transactions.
Creating a Paypal account is free, although there are charges for sending payments and converting currency.