PayPal has long been the dominant platform to make payments to merchants and individual users online, and this continues to be the case today. Because of its widespread use in other areas, reasonable fees, and fast transaction times, PayPal is also accepted as a funding method by some crypto & forex brokers.
When PayPal was started up by the well-known internet entrepreneurs Peter Thiel, Elon Musk and others in the late 1990s, it became one of the first services to offer electronic money transfers over the internet. Since it was able to process payments much faster and sometimes cheaper than paper-based methods like checks, the service quickly grew popular among internet users. Although PayPal in recent years has gotten competition from other methods such as cryptocurrency transfers, it remains one of the most widely used ways to send money online.