PayPal Online Web banking - Part of the online auction giant 'Ebay'
PayPal was first employed as the primary paying mechanism for online auction giant 'Ebay.' Since then, it has emerged as its own online bank, extending credit to customers and offering online deposits and withdrawals. Because so many online retailers operate using PayPal as its payment service provider, it operates with a base of deposits similar to any traditional brick-and-mortar bank.
PayPal's internet banking system differentiates itself from competitors through its wide variety of merchant services and online options. Since PayPal originated as an online payment gateway, its integration into both online stores and internet payment methods is top tier. Because of this, it is the preferred method for those who conduct commerce online.
With each passing year, other online banks and payment gateways do their best to compete with PayPal's many online options. Providers such as Google Checkout have started to make headway towards leapfrogging PayPal's status as an industry leader in internet banking for online merchants. However, because of its various credit options and ease of use, PayPal continues to remain on top of the pack.
PayPal must still work, however, to catch up with established banks. Deposit accounts with checking options are only a recent development for PayPal, with interest bearing accounts becoming accessible only within the last fives years. Without greater marketability towards those outside the online merchant industry, PayPal is unlikely to surpass established banks.
PayPal is likely to continue to offer new and improved service to its thousands of online merchants and customers. It will also continue to expand on its conventional banking services. With time, and a proper marketing approach, PayPal has the size, resources, and schema to compete head-on with other major national banks.
Internet Banking Partners Privacy Policy
|