PayPal

PayPal

Founded in California in 1998, PayPal was a revolutionary online payment system when it was first introduced. This led to the company being subsequently acquired by eBay in 2002. Currently PayPal is the second most widely used payment system on the Internet, being used regularly by player frequenting online casinos and poker sites.

In 2007 the company obtained an official European banking license and by 2014 they had over 140 million clients in over 200 countries. All fees are charged to the merchant when using PayPal so it’s a completely free to use service. You can also use PayPal to receive funds from other accounts.

How does PayPal work?

PayPal is an e-Wallet system and as such can be used to make purchases of goods and services via the Internet. With PayPal, funds can be sent to third party at any time, regardless of location. PayPal also allows for cash transfers in over 90 countries and transfer times vary dependent on the country, taking from between 1-3 days on average to complete. You can even use PayPal as a withdrawal method in the majority of online casinos.

PayPal also protects all your bank details when making purchases so 3rd parties never see any of your private information during transactions. This goes a long way in combating financial crime and bank account fraud. PayPal is possibly the safest e-Wallet system because of the strict regulations imposed by the European banking authority. This ensures the highest levels of encryption and account security across the board at all times.

PayPal: The pros and cons

ProsCons
  • Regulated by the European banking authority ensuring complete security
  • Accepted at virtually every online merchant worldwide
  • Payments and withdrawals are made instantly and there are no charges
  • Cannot be used outside of the Internet to make purchases
  • PayPal offers no physical card option
  • Can be a difficult system to use for beginners to online payments
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Something about PayPal that you just don’t like? Have a browse through some other payment options in the list below and see if they suit your needs: