PayPal is an online payment system that makes paying for things online and sending and receiving money safe and secure. When you link your bank account, credit card or debit card to your PayPal account, you can use PayPal to make purchases online with participating stores. PayPal serves as a middleman between your bank and merchants and keeps your payment information secure. You can also use PayPal to securely send money to friends and family as well as receive money from people. This feature is useful for splitting rent with roommates, for example, or receiving money for your birthday.
As with any online payment system, a PayPal account isn’t foolproof. You’ll need to take steps to protect your account, like creating a strong password and watching out for potential scams. We highly recommend reading through PayPal’s information on how to prevent online phishing to keep your account secure.