Powered by the technology progression, the payment options are on the verge of considerable growth. These methods have impacted the world’s cultures allowing us to pay and receive bills from everywhere and at any time. One of the most widely used banking options is PayPal which has handled millions of transactions every day.
As the e-commerce industries continue to grow, people have to face new challenges and offering a simple payment system is an effective solution to facilitate their business. In the UK, PayPal is packaged into the citizens’ daily life where most of them use it for online transaction. How PayPal has succeeded to such an extent in the UK that is becoming the fast-growing payment service spreads there?
History
PayPal was established by four persons; Ken Howrey, Max Levchin, Luke Nosek, and Peter Thiel in 1998. It was founded under the name of Confinity meaning a combination of confidence and infinity. Just after a year, this method was set as a money transferring service and funded by a company specializing in IT and mobile technology.
Its growth started in 2002 when it acquired eBay, and since, many worldwide online traders have begun to use this e-Wallet. PayPal expanded in Europe when it got an EU banking licence in 2007. On July 20, 2014, eBay announced the end of its collaboration with PayPal and would start to go alone in 2020. However, PayPal will remain a payment service of the eBay’s customers until 2023. Till today, PayPal continues to climb at a tremendous rate enabling to receive money in more than 100 currencies.
Features
- Supports over 25 Currencies. One of the advantages when choosing PayPal is the ability to deposit money in more than 25 currencies. This largest debit electronic payment method is available in more than 200 countries allowing the customers to withdraw funds in 56 currencies.
- Mobile abilities. Another key feature making PayPal well-known is the capability to send and cash out money by just using the mobile phone. All you just do is to download PayPal app and can make a transaction within a few seconds.
- Almost free to withdraw. Withdrawing PayPal money is free in the UK but in the other countries, it depends on the user’s bank. And even there are extra fees, they are really low.
How British Citizens Use PayPal?
PayPal is among the most used payment systems in the UK after its partnership with eBay. Not only people use it for eBay sales but also for every online payment. Here’s how the British use this payment option.
iGaming
The iGaming sector increased with Internet development which has attracted a number of people. In the UK, the online casinos always find innovations to seduce many gamers. Apart from the varied appealing games, the payment systems associated with the gambling sites have been adapted to be flexible.
In the United Kingdom, PayPal casinos are appreciated by British gamblers as they are straightforward and reputed to satisfy the gamblers’ needs. In fact, only trusted and reliable casino operators can use PayPal for cashing out and depositing. This digital wallet is extremely famous and offers great accessibility for the players where online gambling is allowed.
E-commerce
In today’s era, the world of e-commerce is getting more and more competitive and in the United Kingdom, online stores are augmenting yearly. Marketing online is totally integrated into this location and many platforms allow people to make a purchase.
Both the business owners and the customers have probably checked out the online banking options for their services and products. PayPal is the excellent solution for every transaction as it is quite simple enabling the users to move money instantaneously.
Freelance Payments
In recent years, the freelance jobs have exploded and the UK is among the marketplaces of variously skilled freelancers. These remote workers prefer to work at home and can save a lot of time instead of sitting in traffic adding up stress. They can spend extra time with their children or families and work at their convenience.
The demand of the freelance workers is in the rise with many companies offer diverse jobs. As this field is now becoming more mainstream, both employees and employers require flexible payment methods. According to the statistics, most of the freelancers and the digital nomads utilize PayPal as the solution for moving money.
In conclusion, PayPal is the greatest name in online payment in the UK because it is the financial solution for everything. Today, most of the activities have been launched in online versions so people have adopted a new life linked with the internet. As PayPal is instantly recognizable offering safety to the customers, it gets the gold medal when it comes to business, iGaming, and freelance job.
