Paypal

PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. It is also a European bank based in Luxembourg. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. PayPal performs payment processing for online vendors, auction sites, and other corporate users, for which it charges a fee. It sometimes also charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount). The fees charged depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type[citation needed]. On October 3, 2002, PayPal became a wholly owned subsidiary of eBay.