Does anyone remember Pay Direct? Or Google Checkout? c2it? Billpoint? How about BidPay? All were run over and crushed by the online payment service PayPal.
Paypal had its origins in a company developing security software for handheld devices called Confinity. In 1999 PayPal entered the world as a money transfer service for the company. The following year Confinity hooked up with X.com, an online financial services company created by 28-year old South African entrepreneur Elon Musk. Musk saw the potential of online payments and changed the merged company’s name to PayPal, focusing all efforts into its growth. His vision was rewarded after the business went public in 2002 and was acquired by Internet juggernaut eBay for $1.5 billion.
Paypal became the default payment method for the online auction holder with more than 70 percent of the billions of auction transactions using the service. eBay began by expanding PayPal accounts to auction users in the United States and then promoted its use to eBay’s international sites. Only then did the company concentrate on building PayPal beyond the auction world. By that time PayPal was entrenched as the online money transfer service of choice in North America.
In 2014 eBay announced that PayPal would be spun off into its own business. By that time the service was available in 203 countries with 152 million active accounts. PayPal handles 26 world currencies. But at the same time the PayPal powerhouse is a minor force in online casino payments. That is because online casinos are off-limits to United States players. For 300 million Americans PayPal is synonymous with Internet payments but there is no connection to the online gambling world. Canadian players can gamble online but they too are not legally permitted to use a PayPal option.
What’s In It for International Gamblers to Use America’s Foremost Online Payment Service?
There are many options for online casino deposits and withdrawals, including reliable e-wallet services that do the same job as PayPal. There does not seem much enticement for international players to cast their lot with the American company. The biggest, however, plays to the main concern for online players: protection of funds. PayPal provides a 100% assurance against chicanery with unauthorized payments. eBay and PayPal built their dominance on cash-back guarantees of purchases from suspect vendors. If a punter ever has any suspicion about an Internet casino PayPal is a good route to take – no personal information is relayed and money is protected.
How to Open a PayPal Account
PayPal accounts are linked to bank accounts so starting one will require a bank’s routing number and account number. Once the account is set up that information will never be transmitted to an online casino – only money. And remember, PayPal offers a 100% guarantee against fraudulent payments from your account so that is as high a security barrier as you are likely to find in making casino deposits.
Funding the account is done with verified transfers between the bank account and the PayPal account. You can also apply for a PayPal debit or credit card which will also fund online bankrolls. If you are using a personal PayPal account there are no fees involved in funding an account, although the casino operator may have a few lurking. PayPal can be used for withdrawals as well but there is a waiting period of a few days to allow for verification.
PayPal – it’s not just for auctions anymore. When you can find it on offer at online casinos.