What is PayPal Key? -Read more

PayPal is an authentic and protected payment system that allow users to pay online and make money transactions. Users can use PayPal service to make an online purchase on different sites by linking a bank card, or debit card that consist of a PayPal account. Let’s learn about What is PayPal Key?

What is PayPal Key?

The online transactions are dominated by PayPal and it has over 360 million active users in over 200 countries and has processed over four billion payments. PayPal has provided users with variety of options of making transactions and sending and receiving money online. PayPal allows you to pay for online products using your PayPal card rather than a credit card and keeps your payment information private.

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Answer Paragraph – PayPal Key is an online generated card number that contains 16 digit numbers, which can be used where ever it is accepted. Although a user might require to type a card number but it’s primarily an online service. PayPal Key is a free online security service provided by PayPal that provides unique credit card numbers for online transactions. Even if the business doesn’t accept PayPal, this will help you protect your debit or credit card information using the popular online wallet. Data security is the key advantage of PayPal Key.

Your real credit card is hidden behind this virtual one. If your PayPal Key number was stolen, the number printed on your actual credit or debit card would not be revealed that is displayed on user’s credit or debit card and also won’t be exposed to a PayPal Key number which was stolen. That means a user won’t be required to purchase a plastic card or change all of its accounts that have that number recorded. Simply obtain a new PayPal Key and change locations where the exposed PayPal Key information was kept.

How Does PayPal Key Work?

Because PayPal Key is very new and unfortunately not all PayPal members have access to it. Connect to your PayPal account or open the PayPal app from the store again for PayPal Key selection to see whether the user have it.  If it’s already there, all you have to do is select a payment system (one that’s already in the PayPal Wallet) and you’re done.

Users will be provided a virtual card number then they can use that card number to make transactions through other mediums.

The PayPal instructions are as follows:

Select the ‘setup’ option.

Click on “Let’s go,”

To fund PayPal Key, select a payment system (bank account, credit card, or debit card).

“Agree & Get Your Key”.

You can store PayPal Key to your Google Chrome, Safari, or Internet Explorer computer so that you can check out online with a single click.

The Fine Print

There are a few more PayPal Key peculiarities that you should be aware of. At the moment, it’s only available to a select group of Americans, and cross-border and cross-currency transactions are subject to international transaction fees. PayPal Key isn’t available on IOS Pay or Android Pay, and it’s only available online through Google Pay.

Are There Any Fees?

Setting up an account and using PayPal Key is free. A 1.1 percent foreign transaction fee will apply if you purchase things in a currencies other than US dollars.

Rewards

All users will earn points on PayPal Key purchases if they use any existing incentives, credit and debit cards as a payment method.  If you have a loyalty card that gives you reward points or cash back when you use PayPal. Even if you used PayPal Key to make a purchase on a site that do not have PayPal as an alternative and users might be able to get a 5 percent refund.

Advantages of PayPal Key
  • Allows you to use PayPal on websites that don’t have it.
  • Users who want to pay using debit cards online have a safer choice.

These are some of the advantages of PayPal key. 

Disadvantages of PayPal Key
  • Not open to all PayPal customers: PayPal Key is now only available to a limited number of customers in the United States, but the business claims that it will become more widely available soon.
  • Limitations on its application: Apple Pay, Samsung Pay, and American Express cards are not compatible with PayPal Key. Users can’t use it to make purchases in stores.

These are some of the disadvantages of using PayPal Key. 

Conclusion

As the coronavirus outbreak drives the transition to online shopping, the digital payments sector has seen high growth rate, making it easier for customers to do online shopping again with safety as well as from the comfort of their own homes. While contactless transactions keep you safe from exposed credit cards and cash details, buyers are still in risk to other types of online scams. Virtual/online PayPal card can ease this situation. PayPal has become a huge platform for ecommerce and businesses since its launch in 1998. PayPal Key is currently not available in all regions as it is a new platform but it will be pushed out to more consumers in the future.

Frequently Asked Questions
  1. Where can a PayPal key be used?

Ans. PayPal Key is accepted by many ecommerce businesses that accepts MasterCard, including overseas merchants. PayPal also works through different PayPal-owned mobile payment services, platforms, and Google Pay especially for multiple online transactions.

  1. Explain the importance of PayPal Key?

Ans. Using a PayPal Key virtual card is another option to protect the payment institutions from scammers looking to steal your personal information. PayPal Key allows you to earn extra loyalty or reward points or cash back in the same way as the other PayPal credit cards do. Indeed, with a little smart approach, users might be able to get even greater results.

  1. Should people try PayPal Key?

Ans. If you can create a virtual card details with an existing PayPal account, PayPal Key might not facilitate with extra fraud prevention. Each user accounts have its own unique password. Make no transactions using public Wi-Fi, shops, retailers, or outlets and if you’re new to a website, do some research before paying.

What is PayPal Key? -Read more

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