What is PayPal? What are requirements to create a PayPal Account?

What is PayPal?

PayPal is an application that helps you to receive money or send money all over the world. PayPal is very different from any other UPI or applications that we use in India. In India, we generally use UPI like PayTM, Phonepe, Google Pay, Bhim UPI, etc, but these are only applicable in India. If you want to receive any payment from a person who is not from India or your country, then, in this case, you can use PayPal to receive payment from him. PayPal is also a very trusted application and is worldwide very famous. You are getting the PayPal payment option on all the websites that you are using to pay. If you are a freelancer then also you are getting an option to take a payout in your PayPal account. If you use apps like Tiktok, Bigo Live or any such apps where you can earn money online, don't have the option to take payment via PayTM or any other UPI, there they will tell you to get payment in your PayPal account. So everyone should have a PayPal account.

Requirements to Use PayPal Account!

There are very few requirements to make a PayPal account. The first requirement is that you must be at least 18 years. I will also tell you the steps about how to verify your PayPal account.

● Pan Card

If you want to make a PayPal account then you must have a Pan Card of your own name. If your age is 18 or above then you can apply for your Pan Card. They will give you a Pan Number and you will be issued your Pan Card within 30 days of applying for Pan Card. So for receiving an international payment in your bank account you must link your Pan Card to your PayPal account, without this you will not be able to receive any international payment.

● Bank Account

You need to have a bank account that must be linked to the same Pan Card that you have given in PayPal. PayPal will also ask you to add a bank account for withdrawing money and for depositing money in PayPal account. Both the bank details that are depositing and withdrawing can be the same.

● Verify your Details

PayPal will ask you to verify your PayPal account details. Like they will ask you to verify your email and phone number before you make your account on PayPal.

So these are the requirements that are required to make a PayPal account. If you will do all these things and link your Pan Card then your account will be verified, and it will accept all international payments as well.

Advantages of having PayPal!

• PayPal is accepted by all the online shopping websites.
• PayPal allows you to pay and receive money from any part of the world(worldwide).
• PayPal is 100% secured, which means you can share your bank details with this app without any worry.
• If you are making a payment from Paypal, then they will give you some discount on the product that you will buy.

The biggest thing that PayPal has is it can convert other countries currency in your country currency and gives you the money. PayPal will directly transfer you the money from your PayPal account to your bank account that is linked with PayPal so you need not withdraw again and again.

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