A Closer Look in to the World of PayPal Casinos
In recent historical terms, the banking and financial services industry is not widely regarded as a fast moving one. More prevalent is the view that it is business which is slow to change, hidebound by tradition and stifled by wealthy and powerful organisations and even state governments. It favours the status quo above almost any kind of real change.
New ideas are also difficult to introduce, because it is not in the interests of the existing banks and financial organisations to rock the boat. To make matters worse, new banks which may be more likely to be in favour of introducing new services, are restricted from entering the market, further stifling competition.
Given these unpromising circumstances, it is truly remarkable that a payment method which barely existed a couple of decades ago is now a crucial player in the global financial services market. The truth is that even an industry as full of inertia, self-interest and reluctance to evolve as banking and finance, outside influences can force big changes upon it…
The late 20th Century saw the rapid development of a new worldwide phenomenon – the internet and the World Wide Web. This technological revolution enabled people to communicate quickly and almost instantly across international boundaries with ease. It also enabled people to trade goods and services in the same way, but for one problem. There was no trusted and secure way to make payments for those goods and services.
Traditional payment methods were too slow and cumbersome. Cheques, relying on traditional postal services were too slow. They were also insecure in many ways. Cheques could get ‘lost in the post’ for example, or they could ‘bounce’, meaning that the vendor did not receive payments for his or her goods. The vendor could wait for the cheque’s funds to clear, but this would delay the transaction by at least a week, slowing everything down to an unacceptable degree for the buyer. Currency exchange was also a problem. A purchaser’s cheque made out in sterling was not much use to a vendor trading in dollars, and banks charged a fortune for the currency conversion.
Credit and debit cards were fine for established businesses, but for small businesses, the cost of setting up an account with Visa or MasterCard was enormous. For individual vendors, it was impossible to do so anyway. Even if an agreement to buy and sell was made, there was no established relationship of trust, so arranging payment was a big problem. Until a completely new payment method was born…
PayPal – A Brief Look Back at its History
PayPal was founded in the United States by a far-sighted group of entrepreneurs who managed to solve this problem – one that the traditional banks were utterly failing to tackle. The original service was called Confinity, set up by this intrepid trio in 1999. It was when the then unknown, but now multi billionaire Elon Musk got involved though, that things really took off.
Musk took over the reins of the service, renamed it PayPal and the rest is history. The new service was perfect for the new internet phenomenon – the online market place eBay. It quickly became the payment method of choice, especially for independent traders. In fact, eBay liked the service so much they bought the company.
The new electronic payment service was quick and inexpensive. It also guaranteed both that buyers would receive what they paid for (via Buyer Protection) and that vendors would securely receive their cash, in a way that was impossible using traditional payment methods.
In more recent times, PayPal has been floated off from eBay, and now operates as an independent company.
Today, it is by far the world’s most used electronic payment method. By 2019, the service generated around $18 billion in total revenue for its owners from in excess of $700 billion worth of payments. More than 12 billion different individual transactions were completed.
In 2020, PayPal has more than 300 million users based all across the globe, with the service available in virtually every country on the planet. It operates in any of 25 different currencies.
How Do White Hat Gaming Casino and PayPal Work?
All you need to get started is just your name, e-mail address and mobile number. You’ll then need to think of a secure password. That is all that is required to set up a PayPal account. To load it with funds, you will then need to link it to your bank current account, or a debit or credit card. You don’t need to pre-load your account either. Instead, PayPal will draw payment from your linked account whenever you use it to make a payment online.
The advantage of using PayPal is that it is so quick and secure. You do not need to enter your personal financial details every time you make an online purchase, nor log in to your online banking service. Instead, all you will need is to enter your PayPal password to authorise payment. If you are using the mobile app, things can be even quicker.
For most transactions, it’s all free to use too. There are not normally any charges when using PayPal to make online payments. Instead, the vendor pays a small commission when accepting your payment. It is also usually free to transfer funds to family and friends. In most cases, fees only apply when there is any kind of currency conversion involved in the transaction. The actual fee can vary according to the specific currencies involved, but will generally be set somewhere between 2.5% and 4%.