Ranked 182 in the Fortune 500, PayPal offers a considerable option to make online transactions.
If you wish to purchase a product from online businesses, small or large, all you need is a PayPal balance, and you are set. The method is not only fast but safe and reliable that several businesses have taken to it and prefer it to other payment methods.
It doesn’t come as a surprise that PayPal has also entered the cryptocurrency market. It now allows its users to buy and sell other virtual currencies including, Etherium, Bitcoin Cash, and Litecoin, through PayPal accounts. These digital coins are used to purchase goods and services from over 26 million sellers on the platform. Indeed, the list of businesses that use PayPal as a means of payment is too long to exhaust.
Here, you’ll find links to physical stores, gyms & health clubs, online casinos, and Non-profit organizations as examples of major industries that accept PayPal. Read on to learn more.
Gyms and health clubs
Throughout the pandemic, massive numbers have turned out to register for gym and health club memberships. Physical health has been presented as a plausible remedy to boost one’s immunity against the virus, making many people resort to gym and health classes to stay fit.
Keeping in mind that people should avoid contact as much as possible, online payment methods such as PayPal have greatly benefited from the effects of the pandemic despite its many disadvantages. Compared to other online payment options, PayPal is relatively easy and fast to use, requiring only a PayPal balance and a few clicks.
Numerous physical stores like CVS Pharmacies, Walmart, and many others are now accepting PayPal payments worldwide. The reliability of the method was not consistent in the past, especially in places where PayPal balance is not accepted. However, things have changed with elites like MasterCard complementing payments.
PayPal has managed to attract a vast number of customers by offering a fast mobile app payment method. Considering that users can manage payments without making contact and at their own convenience, there is no denying that PayPal is a viable online payment alternative for physical stores.
PayPal has extended its services to many online businesses. By 2020, PayPal was estimated to support over 305 million registered transactions, active accounts belonging to sellers and buyers spread over 200 markets worldwide. Among these, some were from the regulated online gambling market.
Online casinos licensed within the jurisdictions strive to ensure that customers’ deposits and withdrawal transactions are executed safely. This is where PayPal comes in. From a gambler’s perspective, the best way to conceal your sensitive data from getting into the wrong hands is by using PayPal.
Countries like the UK, Denmark, Sweden, Greece, Portugal, Austria, and Finland fund gaming accounts using PayPal. Some of them even allow withdrawals through the platform. However, Australian online casinos do not allow PayPal transactions despite having been a popular method in the past. This shift has forced new online casinos in Australia to shift to Bitcoin to replace PayPal as a method of online payment.
Walmart and major retailers
One of the leading financial businesses has also noticed the growing influence of PayPal. Walmart intends to reinforce its growth through a collaboration deal. The financial giant records nearly 265 million customer engagement weekly in the 27 countries it operates. PayPal is also managing to dominate the online space; hence a considerable collaboration of the two would benefit both parties.
Recently, Walmart teamed up with PayPal to allow customers to withdraw funds on physical locations through their methods of choice. However, the service is offered at a fee of $3. This move has helped introduce PayPal to a vast number of customers and made it more convenient for previous customers, as they now have an option to deposit and withdraw funds through brick and motor systems.
This article would be incomplete without acknowledging the new error of economic giants’ contribution to the growth of PayPal. Companies like Amazon and Alibaba are far ahead by doubling numbers in revenue generation. Keeping in mind that these are online stores, online financial businesses must be benefiting considerable shares of their profits from them.
PayPal one of the top beneficiaries among online financial businesses and has managed to get consideration in almost all eCommerce businesses. Data shows that online purchases shoot during the pandemic, as well did PayPal profits. PayPal charges a 2.9% share of money transacted through their services, which helps sustain them in the market.
The post-pandemic period has seen most businesses consider financial technology as an effective means, similar or even better than brick and mortar systems. Besides being convenient, the method has provided a means to track transaction records, hence, more secure than cash. As a pacesetter for online financial businesses, PayPal’s growth is foreseen to shoot even further as the world shifts to technological options in most sectors. Its acceptance of Bitcoins is welcome news, as it has marked it an early bird in the new rapidly growing sector that threatens to overthrow brick and motor financial systems. If PayPal manages to dominate the cryptocurrency business, its presence in the internet’s future shall be unmatched.