Ans :
This is also electronic payment system in which money is transferred between the
accounts. It is analogous to net banking. To use PayPal, you have to open a PayPal
account associated to your credit card or your bank account. However, a user can pay
without giving, the credit card number during the transaction. The following is the process
of validating the account particulars:
• Customer gives PayPal account number,
• PayPal transfers small amount to the account,
• Customer confirms the payment amount,
• If correct, authentication is treated as successful, and
• PayPal sends email to both the payment sender and receiver of the
transactions.
Advantages
• Easy to use, and
• No Credit card is required.
