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PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. PayPal performs payment processing for online vendors, auction sites, and other corporate users, for which it charges a fee. It also charges a transaction fee (3.4%) on private individuals receiving money and an additional per transaction fee.
Source: http://en.wikipedia....
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What is paypal and how does it work?
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