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PayPal was founded in 1998 as a response to the demand for a fast, safe, and simple solution to making purchases online. Capitalizing on the rapid growth of online auction leader, ebay, PayPal quickly rocketed to the top of online payments between people. Leveraging this partnership with ebay, PayPal continued to grow, acquiring companies and becoming a tool for online shopping. The company has developed solutions for web payments globally. Recently, PayPal and ebay ended their long-term partnership and PayPal is poised to grow in the mobile wallet industry, specifically for smaller mom-and-pop businesses with their mobile app and PayPal Here POS terminals and card readers.
PayPal is lacking in the number of brick-and-mortar retailers at which accept PayPal payments, which hurts their overall rating with the Review Team. According to the company, PayPal will soon be offering contactless payments at existing terminals, which will greatly expand their customer base.
PayPal is one of the leaders in the online payment field and is working to expand their market share in the mobile wallet industry.
PayPal's strengths include:
In order to use your mobile wallet, PayPal requires users to create an account with them and then download their free app. This process is straightforward and takes less than 5 minutes to complete. PayPal requires a bank account to support the service. PayPal itself is similar to a type of checking account from which users may use to make purchases.
One of the benefits of this particular arrangement which has long been appreciated by PayPal's millions of faithful users is that when making purchases, one's financial information is never shared. This feature adds an extra layer of security to making purchases. Buying items online in various apps is as simple as clicking/tapping a "Pay with Paypal" button, signing into one's PayPal account and confirming the purchase.
Users are able to link their current bank account information to their PayPal account quite seamlessly, and most major banks are compatible with PayPal, come with links allowing the user to easily find the information required to set up and confirm their account information with PayPal. For those who belong to a smaller bank or credit union, the set up and linking of a bank account requires a few additional steps, but remains simple to complete.
PayPal's mobile app is compatible with iOS (iOS 7.1+), Windows, and most Android devices.
PayPal offers their users security and stability, which they are expanding to the mobile wallet industry. With PayPal's global customer base and many people having PayPal accounts, phishing scams are plentiful. One of them involves receiving an email which requires users to enter their PayPal information, upon so doing, they have given access to their account (and link bank accounts and credit cards) to scammers. Users should never give their PayPal account information as a response to an email. PayPal's customer service is helpful and live help is available 24 hours per day so that users may report or confirm any information which does not seem accurate or originating from PayPal.
PayPal holds a solid market share in their online payment solutions as well as with their in-app purchase capability. However, at the time of this review, there are few real mobile wallet options for users to make everyday purchases without scanning their cards.
The most significant drawbacks in using PayPal as a mobile wallet include:
As has been shown with PayPal's business model and track record, the company is working towards developing an option to make contactless payments a reality with the recent acquisition of Paydiant. Paydiant will give Paypal access to QR-code payment terminals, the same process that retailer backed CurrentC is currently beta-testing in Columbus, OH and plans to expand to a nationwide market soon.
While the number of physical stores you can pay with PayPal is growing, it currently is low when compared to other mobile wallets. PayPal is in the process of becoming compatible with QR-code POS terminals. The company looks to expand further into offering the customers the ability to pay using Near Field Communication capability. As is and at present, this app does not offer the option to have a fully digital wallet.
There are several complaints from users of the PayPal app which state that the app is prone to malfunctions, and that it slows down their device. Further bug fixes will be needed for this app to become more stable and user-friendly.
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PayPal makes it very easy to collect money on eBay, or purchase items on eBay. Because of that, it’s my go to app to keep money on. If you do anything on eBay, PayPal is a must!
PayPal is easy to use and has significantly improved over the past few years. I love the ability to send invoices and have confirmation that they were paid. The fee is the only frustrating part.
Paypal is just so convenient! To transfer money between anyone at all makes life so much easier. I makes online shopping so easy. It make everything easier that involves money matters of any kind.
Paypal is secure! I use it for personal money transfer as well as secure shopping on internet websites. I once had an issue where a retailer never sent me the product. Paypal contacted them for me and refunded my money quick. I appreciate the service making online shopping worry free. I also used the service for a campaign fund. It was fantastic for managing donations.
I like the convenience of Paypal as well as how fast it is to use. No complicated steps or account setups.
I love using PayPal online. It makes it so much easier for me to trust that my credit card information isn't going to get stolen by some random person who will spend it on heaven knows what. I instantly trust a site that much more when I see that they use PayPal. I have never had any issues with it, and doubt that I ever will.
My husband did some work for a company and we needed to write an invoice for it. Using Paypal to write the invoice was AMAZINGLY SIMPLE . The platform Paypal set up was extremely user friendly and we were able to send it off after just a couple of minutes. Easy, simple, fast, reliable - loved my experience.
It took me forever to get my Paypal set up. I do like the design of it all though.
I'm a big fan of Paypal. Simplifies the process of mobile purchasing. Easy to sen/receive cash from friends. Go Paypal!
I’ve had an account for many years and have never had an issue with it. I use it for many transactions and I feel more secure when I see it is an available option to make purchases.
I am a frequent ebay user and use Paypal all the time. Their service is really good and easy to use, but there fees really add up if you use it a lot. I think they take 3% of all transactions so yes it adds up!
Use Paypal a lot when making orders online. With all of the hacks it makes me a lot more at ease to make online purchases.
Easy and fast to get paid or pay someone else
I enjoy working with paypal. It's easy and efficient when I need to use it.
I have bought quite a few things using Paypal. It puts me at ease because I know there is no way someone can get my credit card information. Everyone should use this to make sure their information is safe!!
Nothing but good things to say about Paypal. It is so nice to not have to go dig through my purse to pull out my card when I'm making online purchases. Signing up has been a huge timesaver in my daily life!
I've used Paypal as a buying service to pay for products. It's a great system, easy to use.
I have used Paypal for years and have never had an issue with its service. Their verification process is good and I have always felt that my money is secure. Although, I do not like the 3% fee that follows business transactions. As a small business owner- that extra money can add up fast! One of the biggest benefits to using Paypal is that it is accepted as a payment method for many online stores and companies. I am able to link it to those accounts easily and quickly by signing in.
I really like their app and that you can easily pay your friends and family. However, I really don't like the fees and how long the money takes to get to you! I missed out on one dang good shopping trip because of Paypal.
PayPal has great customer service and is security conscious.