PayPal

Founded by Peter Thiel in 1998

Send, receive, and manage money online and in stores

Cost

Free Tier

Rating

★ Mixed Reviews

Time to value

Immediate

You can use PayPal to send and receive money to individuals or businesses, pay for purchases online and in physical stores, split bills with friends, and pool money for group expenses. It offers a debit card, a credit card, a Buy Now Pay Later option called Pay in 3, and a revolving credit line. Transactions are encrypted for security, and the mobile app lets you manage everything in one place. There is also a rewards programme called PayPal+ that earns points on purchases.

What PayPal does

Send money to another PayPal user by entering their email or phone numberSet up a Pay in 3 instalment plan at checkoutCreate a money pool and invite others to contributeDownload and log into the PayPal app to view transaction historyLink a bank account or card to fund PayPal paymentsEnrol in PayPal+ to start earning reward pointsConvert currency when sending money internationallyRequest money back from a contact after a purchaseSend money instantly to contacts using just their email or phone numberPay in 3 interest-free instalments at checkoutEarn points on purchases through the PayPal+ rewards programmeSplit bills or pool money with a group of peopleUse a physical PayPal debit card for in-store purchasesEncrypted transaction security on all paymentsManage all transactions from a single mobile appSupports currency conversion for international payments