Overview Of PayPal
PayPal was founded in 1998 and acquired by eBay in 2002 an online B2C market place for online shopping.
PayPal was separated as an independent trading company from eBay in 2015. Alone in 2016, PayPal recorded transactions worth $354.01 billion, and the offshore transactions accounted for a quarter of total transactions. In 2016, PayPal had more than 197 million active users.
Why People Use PayPal
PayPal is an electronic payment system/network which makes it much easier for the payments inflows and outflows just in seconds, merely using an email address or phone number.
Regardless of your location, currency and time zones PayPal can send, receive payments instantaneously. Sender and receiver both should have PayPal account and that’s it, you can make transactions in real-time around the globe.
PayPal Security Feature
All the PayPal features are on one side and its Payment Security feature is on another side. Yet alone PayPal is even considered the most secure online payment method in the world. That is why it’s so popular and widely used payment method.
People that are connected with one way or another with IT industry in Pakistan must be aware of PayPal and its features. But not all the business people are aware of it. PayPal is customer oriented, so if you are cheated in an online transaction, for instance; you bought a product and paid, but it is not the actual product which was shown in the image, you will be refunded without any problems. They have a slogan “We Have Got You Covered”
Another Big Plus-Users
PayPal is recognized around the globe, people have individual as well as business accounts on PayPal. eBay, Amazon, Netflix, Alibaba, in fact more than 90% of eCommerce businesses accept PayPal payments. PayPal has gigantic user base, in 2010 PayPal had 84.3 million active users, in 2016 PayPal had 197 million users. Every year there is an increment of 4 to 7 million users in the PayPal user base.
PayPal In Pakistan
PayPal unfortunately doesn’t offer its services in Pakistan on contrary, it operates in India however, PayPal has been continuously facing problems in operating in India, be it Government, Banks, Personal Payments, disputes or business transactions, PayPal has never been comfortable operating in India.
This could be a genuine indicator for PayPal not to expand in the region.
When PayPal Will Come To Pakistan
PayPal operates with banks basically; your online PayPal account is directly connected to your Bank account, it takes money out of bank account to make payments and deposits into the bank account upon withdrawal from online account. By looking at the current Banking system in Pakistan, people attitude towards fraud and theft, it looks PayPal cannot be seen operating in Pakistan in near future.
But if PayPal becomes available in Pakistan, it can boost the eCommerce industry in Pakistan, it can also promote Pakistani eCommerce around the world, it can create more business transactions locally as well as globally, it can also boost freelancing activities, it can fuel the economy, it can maximize the flow of money and ignite entrepreneurship. PayPal can also generate more business in the country with 0.2 billion population.