“PayPal” is Remarkable in FinTech

PayPal Holdings, Inc. is an American multinational financial technology (FinTech) company operating an online payments system in the majority of countries that supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.

PayPal is an online payment platform that offers individuals and businesses low-cost services. In addition to online payments, PayPal also offers a variety of related services including debit cards for payments, credit card readers for small merchants, and lines of credit. 

Source: INVESTOPEDIA

PayPal’s services allow people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses. Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations. It is not necessary to have a PayPal account to use the company’s services. PayPal account users can set currency conversion options in account settings.

The PayPal app is available online or at the iTunes App Store and Google Play. One year after acquiring Braintree, PayPal introduced its “One Touch” service, which allows users to pay with a one-touch option on participating merchants' websites or apps.

As of 2021, PayPal operates in 202 markets and has 377 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 25 currencies worldwide.

But all the remarkable FinTech innovations and facilities of PayPal did not catch the attention of Bangladeshi Regulatory Authorities, they believe if PayPal is available in Bangladesh Terrorist organizations will get funded & foreign reserves will decrease. But they do not think that opportunities will increase, every year millions of dollars in remittances earned by IT freelancers but it were not capable for we don’t have any user/client-friendly payment method that’s why we lost many work orders.