Are PayPal’s executives reinventing the product’s identity? Read on!
PayPal has been around for a very long time, and it has served millions of people from around the world through its money-transfer services.
Even though the primary functions of the service were of a very generic fund-transferring nature, PayPal managed to create an extensive customer base that regularly uses its website or application to send money from “Point A” to “Point B.”
Family members have used it to send money to loved ones easily, merchants have used it as a payment method for their products and services, and people have even used it as an alternative online savings account.
Now, it feels like it is time for PayPal to take the next step in its operation, as its directors are looking for ways to utilize the product’s functionality and its vast customer base.
PayPal is used as a payment method in several industries. It can be found both among the payment methods of online casinos offering traditional and supportive processing options in the United Kingdom as well as on websites gathering donations for people in need. It has helped start-up entrepreneurs gather money for products showing potential and allowed students to pay their tuition fees for online courses and seminars.
Nevertheless, it looks like the above examples are just a fraction of what the service can do for businesses and individuals.
PayPal’s executives are heading toward a new direction as the company’s latest endeavor seems to be the immersion of PayPal into the cryptocurrency market. The service is already being used by PayPal account holders to purchase cryptocurrencies like Bitcoin.
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Interestingly, the news of buying, selling, and holding cryptocurrencies through PayPal has not been mainstreamed yet. Still, indeed, we will soon see one article after another talking about how people can use this money-transferring service to get their hands on one or more crypto coins.
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Not Everything Is Great When It Comes to Having a PayPal Account
PayPal Holdings Inc. is trying to re-invent its product, turning it from a basic online fund-transfer service to a product that will compete with the world’s largest banks. This journey will come with a lot of pros and cons for PayPal’s customers.
Some will be happy to know that they can use PayPal to purchase cryptocurrencies, while others will get upset about the fact that PayPal is introducing a fee for inactive accounts. Those who have not used their account for more than a year, will need to pay £9 as a maintenance fee for their account. Luckily, all it takes to avoid paying the inactivity fee is a simple login to your PayPal account, and this process takes more or less ten seconds.
Having to consider this new fee might be highly annoying for individuals who rarely use their PayPal accounts for basic transactions like buying a book or a video game.
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Still, it will not feel like such a big problem for the average online consumer or online merchant. Inactivity and account maintenance fees are more or less a given when banking with traditional financial institutions from all over the world, and PayPal account holders will need to get used to the idea of having to pay it for PayPal if they decide to leave their account dormant.
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About the Author:
Abraham Faisal is a professional content writer. He has a strong passion for online privacy, cybersecurity and blockchain and is an advocate for online privacy. He has been writing about these topics since 2018 and is a regular contributor to a number of publications. He has a degree in Computer Science and has in-depth knowledge of the ever-evolving world of digital security. In his free time, he likes to travel and explore new cultures.
Christian Schmitz is a professional journalist and editor at SecureBlitz.com. He has a keen eye for the ever-changing cybersecurity industry and is passionate about spreading awareness of the industry's latest trends. Before joining SecureBlitz, Christian worked as a journalist for a local community newspaper in Nuremberg. Through his years of experience, Christian has developed a sharp eye for detail, an acute understanding of the cybersecurity industry, and an unwavering commitment to delivering accurate and up-to-date information.
