Send and Receive Money With the PayPal Mobile App
The PayPal Mobile App, like other payment apps, lets you send and receive money to and from other PayPal accounts using just your mobile device. There’s no fee when you send or receive money from friends and family; just enter the recipient’s phone number or email address to send or request payment. PayPal requires you to link a bank account to open an account, but you can add credit cards and debit cards as payment methods once your account is open. You can access your PayPal account from your iPhone or Android phone at any time. The app allows you to:
Check your account balance and recent activityTransfer funds to and from your bank accountsAdd or remove credit and debit cardsDownload account statements
Shop and Pay Online With Your PayPal Account
You can shop and pay online without using a credit card if you have a PayPal account. To do so, you’ll choose the PayPal option at checkout. PayPal will give you the option of paying with your balance or a linked credit card, debit card, or checking account.
Use the PayPal Cash Card to Pay in Stores
PayPal offers a very simple way to pay in stores: the PayPal Cash Card debit card. It uses your PayPal balance to fund purchases. You can use it anywhere Mastercard is accepted, and you can track all of your purchases from your phone. PayPal also offers two credit cards—the PayPal Cashback Mastercard and PayPal Extras Mastercard—as well as Pay in 4, a buy-now-pay-later plan that splits purchases up into four payments repaid over six weeks.
Connecting Your PayPal Account to Google Pay
If you have an Android phone, you can connect your PayPal account to your Google Pay account. Then, you can use PayPal to pay in stores that accept contactless Mastercard payments. Just tap your Google Pay-enabled phone at the payment terminal when you check out. Unfortunately, you can’t use PayPal as a payment source in Apple Pay with iOS phones and tablets. But, you can add PayPal as a payment method for in-app purchases.
Buy and Sell Cryptocurrency With PayPal
PayPal’s cryptocurrency exchange allows U.S.-based customers (except those in Hawaii) to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin using their PayPal accounts. However, you cannot transfer cryptocurrencies into or out of your account. In April 2021, the company expanded crypto trading to its other platform, Venmo, with plans to expand to select international markets within the first half of 2021.
Crypto Fees
PayPal charges a fee based on the difference between the market price from its trading service provider, Paxos, and the exchange rate between U.S. dollars and the crypto asset. PayPal discloses this fee, known as “spread,” before you complete your transaction. In addition to spread, there’s a transaction fee for buying and selling crypto: The person sending the funds can decide whether they will absorb the fee or pass it on to the recipient. International transactions have higher yet tolerable fees, which you can find on PayPal’s fee statement, though some fees may be lower on micropayments.
