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How to Set Up a PayPal Account

PayPal is an online payment system that lets you shop without having to enter your credit or debit card information on the web. You can easily set up a PayPal account and start using it in a matter of minutes. This wikiHow teaches you how to create a new PayPal account and add a payment method so you can start spending, sending, and receiving money online.


[Edit]Creating an Account

  1. Go to in a web browser. You can use any web browser to create your PayPal account.
    Set Up a PayPal Account Step 1 Version 5.jpg
    • If you’d prefer to use a mobile app on your phone or tablet, download the official PayPal app from the Apple App Store] or Google Play Store. You can always download the app after creating your account on PayPal’s website.
  2. Click . It’s one of two oval buttons in the upper-right corner of the page.
    Set Up a PayPal Account Step 2 Version 5.jpg
  3. Choose an account type and click . When signing up for PayPal, you’ll have two account type options:
    Set Up a PayPal Account Step 3 Version 5.jpg
    • Personal accounts are best for most people—they allow you to send and receive payments and shop wherever PayPal is accepted. To create a personal account, you’ll need to provide your full name, address, phone number, and email address.[1]
    • If you run a business and want to accept PayPal at the register or on your website, select Business Account. You’ll need to provide all of the same information as you would with a personal account, as well as your business EIN or SSN.[2]
    • You can always convert a personal account to a business account later, but you can’t change a business account to a personal account.
  4. Enter your mobile phone number and click . When creating a personal account, you’ll need to provide a mobile phone number to verify your account. As soon as you click Next, PayPal will send a confirmation code to that phone number via SMS.
    Set Up a PayPal Account Step 4 Version 5.jpg
    • If you’re creating a business account, you’ll be asked to enter your email address instead.[3]
  5. Enter the confirmation code to confirm. Once the code is confirmed, you’ll be asked to enter additional information.
    Set Up a PayPal Account Step 5 Version 5.jpg
    • You can skip this step if you’re creating a business account.
  6. Enter your personal or business details and create a password. The information you’ll need to enter is a little different depending on the type of account you’re creating. Enter all required information, including your full name, and create a secure password for your account.
    Set Up a PayPal Account Step 6 Version 5.jpg
    • If you’re creating a personal account, be sure to use your full legal name to avoid any issues transferring money to and from your bank account. When you’re finished entering information, click Next to continue.
    • If you’re creating a business account, enter the address of your business and provide all additional requested details.
  7. Follow the on-screen instructions to create your account. After providing all details, you’ll need to agree to PayPal’s terms and policies before you can start using your account. Once you agree, you’ll be ready to set up your account so you can send and receive money.
    Set Up a PayPal Account Step 7 Version 4.jpg
    • If you’re creating a business account, you’ll be asked to enter some more information about your business, such as providing the type of business you have.

[Edit]Adding a Payment Method

  1. Sign in to your new PayPal account. If you just created your account, you’ll probably be asked if you want to link a bank account. But if not, you can go to and click Log In to sign in now. The Log In button is in the upper-right corner of the page.
    Set Up a PayPal Account Step 8 Version 3.jpg
    • Once you add a payment method to PayPal, you can use it to send money
    • You can use PayPal without linking a bank account or debit card, but you’ll only be able to send money to (and receive money from) other PayPal accounts. You can only transfer money from PayPal to you bank account if you’ve linked it.
  2. Click the tab. It’s at the top of the page.[4]
    Set Up a PayPal Account Step 9 Version 3.jpg
    • If you created a business account, click the Pay & Get Paid tab at the top and select Money from the menu.
  3. Click . This button is near the top of the page.
    Set Up a PayPal Account Step 10 Version 3.jpg
  4. Choose the type of account you want to link. You can add multiple payment methods if you wish, but for now, start with one.
    Set Up a PayPal Account Step 11 Version 2.jpg
    • Click Link a debit card or credit card to link any payment card. This option is geared toward making purchases online. You can also use this option to add a prepaid gift card from Visa, MasterCard, American Express, or Discover.
    • Click Link a bank account to link a bank account. This option lets you withdraw money from your PayPal account to your personal or business bank account.
  5. Select your bank if listed. If you chose to link a bank account or have a bank-issued debit or credit card, check to see if your bank is listed. You can use the search bar to search for it by name if you don’t see its logo. If your bank is listed, you’ll be able to enter your online banking login information to automatically link your account.
    Set Up a PayPal Account Step 12 Version 2.jpg
  6. Enter your account information. If you were able to select your bank from the list, follow the on-screen instructions to log in and confirm. If your bank wasn’t listed, you’ll have to enter the info manually:
    Set Up a PayPal Account Step 13 Version 2.jpg
    • Checking or savings account: Type the account number and routing number when prompted. You’ll find these numbers at the bottom of a check or on your banking statement.
    • Debit or credit card: Type the card number, expiration date, 3-digit CVC code, and other info when prompted.
  7. Click (bank account) or (credit/debit card). If you were able to sign in to your online banking system to link a bank account (or if you linked a credit or debit card), your payment method is now connected to PayPal.
    Set Up a PayPal Account Step 14 Version 2.jpg
    • If you typed your bank account number manually because your bank wasn’t listed, check your bank account in 24-48 business hours. PayPal will make two small deposits into your account, totaling less than a dollar. You’ll need to enter these two values in order to confirm that you are the owner of the bank account.
    • To confirm your deposits after 2 business days, log back in to PayPal, click the Wallet tab, select your bank, choose Link your bank another way, and enter the two amounts as they appear on your statement. Click Submit to confirm.

[Edit]Related wikiHows


[Edit]Quick Summary

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PayPal launches its ‘super app’ combining payments, savings, bill pay, crypto, shopping and more

PayPal has been talking about its “super app” plans for some time, having recently told investors its upcoming digital wallet and payments app had been given a go for launch. Today, the first version of that app is officially being introduced, offering a combination of financial tools including direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more. The company is also announcing its partnership with Synchrony Bank for its new high-yield savings account, PayPal Savings.

These changes shift PayPal from being largely a payments utility that’s tacked on other offerings here and there, to being a more fully fleshed out finance app. Though PayPal itself doesn’t aim to be a “bank,” the new app offers a range of competitive features for those considering shifting their finances to neobanks, like Chime or Varo, as it will now also include support for paycheck Direct Deposits through PayPal’s bank partners, bill pay and more.

By enabling direct deposit, PayPal users can get paid up to two days earlier, which is one of the bigger draws among those considering digital banking apps over traditional banks.

In addition to shifting their paychecks to Payal, customers’ PayPal funds can then be used for things that are a part of daily life, like paying their bills, saving or shopping, for example.

The enhanced bill pay feature lets customers track, view and pay bills from thousands of companies, including utilities, TV and internet, insurance, credit cards, phone and more, PayPal says. When bill pay first arrived earlier this year, it offered access to (single-digit) thousands of billers. Now, it will support around 17,000 billers. Customers can also discover billers through an improved, intelligent search feature, set reminders to be notified of upcoming bills and schedule automatic payments for bills they have to pay on a regular basis. The bills don’t have to only be paid from funds currently in the PayPal account, but can be paid through any eligible funding source that’s already linked to their PayPal account.

Via a Synchrony Bank partnership, PayPal Savings will offer a high-yield savings account with a 0.40% Annual Percentage Yield (APY), which is more than six times the national average of 0.06%, the company says. However, that’s lower than top rivals in the digital banking market offer, like Chime (0.50%), Varo (starts at 0.20%, but users can qualify to get 3.00% APY), Marcus (0.50%), Ally (0.50%), ONE (1.00% or 3.00% on Auto-Save transactions), and others. However, the rate may appeal to those who are switching from a traditional bank, where rates tend to be lower.

PayPal believes its high-yield offering will be able to compete not based on the APY alone, but on the strength of its combined offerings.

Image Credits: PayPal

“We know that about half of customers in the United States don’t even have a savings account, much less one with a very competitive rate,” notes PayPal SVP of Consumer, Julian King. “So all in all, we think that by bringing together the full set of solutions on the platform, it’s a really competitive offering for an individual.”

The app has also been reorganized to accommodate the new features and those yet to come.

It now features a personalized dashboard offering an overview of the customer’s account. The wallet tab lets users manage Direct Deposits and connect funding sources like bank accounts and debit and credit cards alongside the ability to enroll in PayPal’s own debit, credit and cash cards. And a finance tab provides access to the high-yield savings and the previously available crypto capabilities, which allows users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The payments tab, meanwhile, will hold much of PayPal’s traditional feature set, including peer-to-peer payments, international remittances, charitable and nonprofit giving, plus now bill pay and a two-way messaging feature that allows users to request payments or say thank you after receiving a payment — whether that’s between friends and family or between merchants and customers. This addition could bring PayPal more in line with PayPal-owned Venmo, which already offers the ability to add notes to payments and make comments.

Messaging also ties into PayPal’s new Shopping hub, which is where the company is finally putting to good use its 2019 $4 billion Honey acquisition. Honey’s core features are now becoming a part of the PayPal mobile experience, including personalized deals and exclusive rewards.

Image Credits: PayPal

PayPal users will be able to browse the discounts and offers inside the app, then shop and transact through the in-app browser. The deals can be saved to the wallet for future use, so they can be applied if shopping later in the app or online. Customers will also be able to join a loyalty program, where they can earn cashback and PayPal shopping credit on their purchases. The company says these personalized deals will improve over time.

“We’ll use AI and [machine learning] capabilities to understand what kind of shopping deals are most interesting to customers and continue to develop that over time. They’ll just get smarter and smarter as the product gets more usage,” notes King. This will include using the data about the deals a customer likes, then bringing similar deals to them in the future.

Also new in the updated mobile app is the addition of PayPal’s crowdsourced fundraising platform, the Generosity Network, first launched late last year. The network is PayPal’s answer to GoFundMe or Facebook Fundraisers, by offering tools that allow individuals to raise money for themselves, others in need, or organizations like small businesses or charities. The network is also now expanding to international markets with Germany and the U.K. to start, with more countries to come.

As PayPal has said, the new app is laying the groundwork for other new products in the quarters to come. The biggest initiative on its roadmap is a plan to enter the investment space, to rival other mobile investing apps, like Robinhood. When this arrives, it will support the ability to buy stocks, fractional stocks and ETFs, PayPal says.

It will also later add support for paying with QR codes, like Venmo, and tools for using PayPal to save while in stores.

The updated app is rolling out starting today in the U.S. as a staggered release that will complete in the weeks ahead. However, PayPal Savings won’t be available immediately — it will arrive in the U.S. in the “coming months,” as will some of the shopping and rewards tools.

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Google Still Wants to Be Your New Bank Account

Google has faced a somewhat rocky road with the launch of the new Google Pay app. But that’s not stopping Google from diving even further into the world of payments, as the company still wants to launch bank accounts.

Read This Article on How-To Geek ›

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Amazon to Accept Bitcoin by End of 2021 and Develop Own Currency by 2022: Report


Amazon has plans to accept the cryptocurrency bitcoin by the end of 2021, according to an anonymously sourced report in the London newspaper City A.M. And while this is just the word of one anonymous “insider” at the Seattle-based mega-retailer, bitcoin’s price skyrocketed overnight and it’s creating a lot of buzz in…

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The Article Was Written/Published By: Matt Novak

Warren: Canceling $50K in student debt could ‘transform an entire generation’


Sen. Elizabeth Warren (D-Mass.) is reigniting her push for canceling $50,000 in student debt per borrower, arguing the move could “transform an entire generation.””It would help nearly everyone w…

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The Article Was Written/Published By: Mychael Schnell

Central banks are headed toward digital currencies


The U.S. is starting a national conversation around a central bank digital currency (CBDC).

Why it matters: Several other countries have already experimented with or released early versions of CBDCs. Such a pivot could aid underbanked populations, and help make banking and monetary policy more efficient.

Driving the news: The Senate Banking Committee held a hearing on CBDC Wednesday, led by Sen. Elizabeth Warren (D-Mass.). 

  • The Federal Reserve is set to release a discussion paper next month on how it’s thinking about a digital dollar.

How it would work: First, a CBDC is a digital version of the dollar, so its value wouldn’t fluctuate versus the dollar… since it is the dollar.

  • Put simply, a CBDC is just a digital version of an existing currency that is issued, governed and backed by a central bank.
  • CBDCs would be recognized as legal money, unlike bitcoin

The pros: It would enable more people to become part of the banking system, reduce the cost to bank and increase the rate of payments innovation.

  • The Federal Reserve could also gain more precision over money supply, and lawmakers could distribute government assistance programs such as social security and food stamps to a wider underserved group of the country. 
  • A U.S. CBDC could also help maintain the global predominance of the dollar.

The cons: Potential drawbacks include the traceability of digital payments. The anonymity of cash offers privacy.

  • Security of financial data on hundreds of millions of people will not come easy. 
  • Financial institutions are also fearful banks could lose a large proportion of their deposit base. 

What they’re saying: “CBDCs are ultimately quite likely for many countries,” Darrell Duffie, of Stanford’s Graduate School of Business, tells Axios. Duffie was a witness at the Senate hearing.

  • “I’m not confident that they are actually necessary — that needs to be judged based on the best CBDC designs that will emerge,” Duffie adds.

State of play: More than 60 central banks have been looking into CBDCs since 2014, according to a PwC report from April.

  • The Bahamas and Mainland China have active trials dubbed, the “Sand Dollar” and the “Digital Yuan,” respectively, that individuals can use as a form of digital cash.
  • The Federal Reserve has been researching digital currencies since at least 2018, but at a less consistent pace compared to other central banks reviewed by PwC. 

Be smart: While there is general agreement about what a CBDC is, countries are faced with hundreds of choices and decisions with respect to how they build their systems — and, in turn, what the long-term implications will be.

  • So far, most observers have assumed that CBDCs will be account-based, rather than being token-based like most existing cryptocurrencies.

What to watch: Lev Menand of Columbia Law School, who also testified, tells Axios he believes the pandemic highlighted the inequities and inefficiencies of current payments system.

  • “It took far too long to distribute critical economic aid in April and May of last year,” says Menand.
  • Some experts also say that criminals may have stolen as much as $400 billion of unemployment benefits, Axios’ chief financial correspondent Felix Salmon reported.

Felix’s thought bubble: “Digital currencies are still in their infancy, despite bitcoin being 10 years old. I wouldn’t expect to see a U.S. CBDC this decade.”

Go deeper on the threat that CBDCs pose to digital stablecoins.

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The Article Was Written/Published By: Hope King

How Hackers Are Using Raspberry Pi to Hack ATMs

Cybercriminals are waging a war against banks, emptying their ATM machines of money. Their tools of choice are malware, a key from eBay, and a Raspberry Pi. Here’s how they’re doing it.

Read This Article on CloudSavvy IT ›

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The 5 Best Payment and Money Transfer Apps

payment apps, messenger, venmo, cash appFB Messenger, Venmo, Cash App

If you want to get your money from A to B in these modern times, a payment or money transfer app is likely your best bet. While PayPal is still extremely popular, several other apps allow you to easily send money to family and friends or pay for goods. These are the best apps worth downloading.

What to Look For in a Money Transfer App

There are a few things you should look for or look at when deciding which app to use.

  • Usability: One of the first things you’ll want to look for is usability and app design. If the app is clunky, hard to manage, not available everywhere, or not very user-friendly, your friends and family won’t want to use it. That’s one area where Venmo really shines.
  • Compatibility: Being compatible with both iOS and Android is important. That way you can send funds to almost anyone. All our picks work across both platforms.
  • Speed: Depending on your needs, the speed of a transfer is essential. That said, most apps are fairly instant these days. It’s the process of transferring funds from the app to your personal bank account that takes 3-5 business days, unless you use Zelle, of course.
  • Transfer Limit & Fees: Electronic payments between friends are usually small sums, and most of these apps have fund limits. Zelle, owned by Banks, allows for large transfers. Watch out for fees, too.
  • Security & Protection: And finally, security and protection are vital. Venmo is great, but buyer/seller protection is almost non-existent. If you want peace of mind, something like PayPal is your best bet.

Best Overall: Venmo

Venmo app storeVenmo

“I’ll Venmo you” is a phrase you’ve probably heard before or said yourself, as it’s the go-to choice for millions of people. Venmo is one of the best apps overall, especially if you’re quickly sending money to family members. It’s a trusted app that PayPal owns, and these days, almost everyone has it. You can quickly transfer money from your Venmo or a connected bank account or debit card in seconds. Or send any funds inside the app directly to your bank.

With Venmo, you’ll get hit with a 3% fee if you use a credit card as the source. So use caution, and try to use existing funds or a debit card instead. Then, when you transfer funds to your bank, it’s free, but there’s a 1% fee ($10 max) if you want it instantly.

Plus, Venmo offers comments, likes, and fun little GIFs or emojis to make payments fun, rather than just sending a buddy $30 after dinner. Venmo is safe, secure, fast, and user-friendly. Last but not least, Venmo suggests only sending/receiving money from someone you know and trust.

Download on the Apple App StoreGet it on Google Play

Best for Business: PayPal

PayPal logoPayPal

If you’re buying something or need a money transfer app for business, PayPal is your best bet. Not only is PayPal one of the most widely accepted forms of electronic funds, but the built-in protections for both buyers and sellers are hugely important. If you buy something and don’t receive what you paid for, PayPal does the heavy lifting to make it right or refund your money.

It’s free between friends and family, but business purchases will have fees, so keep that in mind. PayPal is available in over 200 countries, accepts Bitcoin, and is a safe yet flexible payment option.

Download on the Apple App StoreGet it on Google Play

Best for Friends: Cash App

Cash App logoCash App

Another solid choice is Cash App as it’s super popular with the younger generation. Cash App is great for many of the same reasons as Venmo and is a safe and fast way to send money to your friends and family. Additionally, Cash App continues to add additional features making it more and more useful.

While you can quickly send your friend some money, like Venmo, if you use a credit card, there’s a 3% fee. Plus, the transfer fee is a little higher, at 1.5% for instant transfers. Then, Cash App includes features to let users invest in stocks and buy and sell bitcoin. Crypto purchases have a fee, too, but it changes based on market conditions.

Basically, it’s an excellent money transfer and investing app.

Download on the Apple App StoreGet it on Google Play

Best for Banking: Zelle

Zelle bank app logoZelle

If you’re looking for bank-to-bank transfers, consider Zelle. Additionally, it’s probably the best option for transferring large sums of money. For starters, Zelle is owned by a group of banks, including Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. If you use your banks’ app, chances are you already have access to Zelle and don’t need to download anything else. Still, we’ve added download links to the dedicated app below.

Depending on your bank Zelle allows for transfers up to $2,500 a day or $40,000 a month, without any fees. That said, some banks may have a small fee or different daily transfer limits, but it’s still higher than other apps.

And finally, while Zelle uses bank app authentication and monitoring to ensure a safe experience and funds get delivered directly into a bank account, you’ll want to use caution. Unlike PayPal, Zelle doesn’t offer buyer/seller protection, so make sure you know where money is coming from or going.

Download on the Apple App StoreGet it on Google Play

Best for Simple Transfers: Facebook Messenger

Facebook MessenerFacebook

While you probably already have PayPal, Venmo, or both, one of the simplest ways to send anyone money is through Facebook Messenger. Facebook already knows everything about you, so you might as well give them your bank info to make things easier. Once integrated, you can instantly send friends, family, “Facebook friends,” or a small business money. It’s quick, easy, secure, and fee free. However, Facebook is an advertising company and you’re the product, so your data is the real cost behind the service.

It’s easy to use right from the Facebook Messenger app, so you don’t need to download anything else. Plus, it won’t show the world your payment activity like Venmo does by default.

Download on the Apple App StoreGet it on Google Play

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New Bill Would Ban Bitcoin Mining Across New York State for Three Years


A new bill that hit the New York state senate on Monday is aiming to put a multi-year pause on crypto mining operations across the state until authorities can fully suss out what that mining is doing to the climate and local environment. Bill 6486 is being spearheaded by state Sen. Kevin Parker, who had previously…

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China leads the world with new state-backed digital currency


In a push to dominate global financial technology, the Chinese government is aiming to roll out the world’s first state-backed digital currency.

Why it matters: China’s new currency could set global standards for the use of national digital currencies — and give Beijing unprecedented visibility and control over domestic financial transactions.

  • At least 60 countries are exploring the use of an official digital currency, but China is furthest along in making those plans a reality, while the U.S. has largely sat on the sidelines.

What’s happening: The Chinese government has started pilot programs in Beijing, Shanghai, and other cities that give small amounts of the currency, known as the Digital Currency Electronic Payment (DCEP), to residents on a lottery system, with a limited number of retailers participating.

  • Chinese officials have stated they hope DCEP is ready for wider use in time for the Beijing Olympics in February 2022.
  • Some officials also hope DCEP could help internationalize China’s currency, though China’s tight capital controls have made the renminbi less attractive for international transactions.

The big picture: Rolling out a national digital currency offers several advantages.

  • Improving efficiency in the financial system. Cash and coins are inefficient and expensive to store.
  • Reducing systemic risk. “The existing system is owned by private companies. Should Alipay or WeChat pay [go] bankrupt, which is extremely unlikely, it creates systematic risk,” Trivium China analyst Linghao Bao told CNBC. A government alternative would provide a layer of security.
  • Spurring innovation. A state-backed digital currency could potentially provide a host of new opportunities for businesses, tech companies, and trade.

But it isn’t just about efficiency and innovation. Chinese officials have made it clear that they view the digital currency as a key staging ground for global geopolitical competition, according to a January report by Yaya Fanusie and Emily Jin of the Center for a New American Security.

  • “Fintech is the commanding heights of future global financial competition,” Chinese central bank vice-governor Fan Yifei said in November 2019. “Whoever grasps this advanced productive capability will possess the strongest core competitiveness in finance.”

Background: Cryptocurrencies like Bitcoin and Ethereum exist on a decentralized ledger and are intended to skirt controls by governments or companies. But DCEP would be managed directly by China’s central bank, the People’s Bank of China (PBOC).

  • Chinese officials have said DCEP offers “controllable anonymity” — meaning payments could be anonymous to companies and other users but not to the government.

In the hands of an authoritarian government, a digital currency also offers unprecedented surveillance and control. “Never before has a government ever had access to individual user transactions directly. Technology hasn’t allowed that,” Fanusie told Axios.

  • “DCEP offers a direct route for the government to cut a person off from payments, from their funds, from their accounts. Right now, the government has to go through a private company or a bank to do that.”
  • This capability could be used to reduce criminal abuse of the financial system, but also in theory to monitor and shut down the accounts of dissidents, human rights activists, persecuted groups such as Uyghurs, and others engaging in non-criminal behavior that the Chinese Communist Party may want to suppress.

What to watch: Though DCEP could help internationalize the renminbi to a moderate degree, it’s unlikely to challenge the U.S. dollar any time soon.

  • But international DCEP transactions could bypass SWIFT, the most widely used international payments system, making it easier for people and governments to evade U.S. financial sanctions.

Go deeper: What central bank digital currencies mean for crypto

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