PayPal, owned by eBay, is a global online payment system. PayPal is a convenient, easy-to-use, and secure way for individuals and businesses to send and receive money online for goods, services, charitable donations, and so forth. It's also a full-service operation that provides front-end and back-end solutions to increase growth and revenue for merchants.
With Paypal you can send and receive credit card payments (Visa, Mastercard, American Express and Discover), cash and even eChecks. Low transaction fees, no monthly payments, no processing minimum. You can also apply for free debit card. With free debit card from Paypal you can withdraw cash from any ATM in the world. It also works as a credit card (i.e. online purchases).