PayPal has evolved beyond a simple payment tool for online shopping and peer-to-peer transfers. The platform now offers a range of features designed to assist users in budgeting, data protection, and automating savings.
According to a report by RBC-Ukraine referencing Lifehacker, users can take full advantage of PayPal’s capabilities by utilizing its various built-in functions.
Double Cashback with PayPal Offers
When shopping online with a credit card that offers rewards, users typically earn points or miles from their bank. However, PayPal provides an additional section called “Offers.” By activating available coupons on this page before completing a purchase, users can receive an extra percentage of cashback, effectively combining bank rewards with PayPal benefits.
Managing and Cancelling Automatic Payments
Many services offer free trial periods that require linking a payment method. For those concerned about forgetting to cancel subscriptions, PayPal provides an effective solution. In the section Settings > Payments > Automatic payments, users can view a complete list of brands that have access to their wallet and can revoke permissions with a single click, preventing any future attempts to withdraw funds.
Phishing Protection
PayPal is a primary target for cybercriminals, who have learned to spoof official email addresses and send fake receipts for “successful purchases,” prompting victims to panic and click on malicious links. To verify such emails, users can simply log into their official account and check the Recent activity tab. If the transaction is not listed, the email is likely a phishing attempt and can be safely deleted.
Setting a Credit Card as the Default Payment Method
When linking various funding sources, it is advisable to select a credit card as the primary payment method. This choice protects the user’s bank account from accidental overdrafts or unauthorized withdrawals in case of account breaches, while also providing additional purchase protection offered by major payment systems.
Compatibility with Venmo for Cross-Border Transfers
As both PayPal and Venmo operate under the same ecosystem, users of these platforms can easily transfer money to each other using phone numbers. To enable this feature, users should activate the interaction option in the menu Settings > Data & Privacy > Search Privacy and toggle the switch for Venmo users.
Complete Profile Privacy
If users prefer not to be discoverable within the payment system by name, username, email, or phone number, they can completely disable the profile discovery feature. This can be done in the same privacy settings section by deactivating the Personal profile info option.
Utilizing Gift Card Balances
Spending the remaining balance on a prepaid gift card can be challenging, as most online stores do not allow splitting a single transaction across two different cards. However, by adding such a card to their PayPal wallet, users can split the payment at checkout, using the gift card for part of the total and charging the remainder to their primary bank card.
Collective Fundraising for Major Goals
For those planning group trips, pooling for a significant gift, or organizing a party, PayPal offers a “Pool money” feature in the request menu. This system creates a unified balance where all participants can see contributions and progress, allowing the organizer to spend the total amount directly from the wallet.
Blocking Data Collection and Targeted Advertising
By default, PayPal tracks users’ shopping habits to share data with partner stores for targeted advertising. To stop this tracking, users can navigate to privacy settings, open the Manage your cookies tab, and uncheck the marker next to “Marketing.” Additionally, toggles in the “Personalized advertising” and “Personalized shopping” sections can be deactivated.
Smart Saving with Smart Route
For individuals receiving official salaries or regular payments directly to PayPal, the mobile app offers a useful automatic routing tool. By activating the Smart Route feature, users can configure the system to automatically transfer a specified percentage of each incoming payment to a savings account or convert it into the internal stablecoin PYUSD. Furthermore, these savings can automatically back up the main balance if funds run low.
PayPal has expanded its functionalities to include features that enhance user financial management, from cashback offers to privacy controls. Users can now leverage these tools to optimize their online transactions and savings.
Source: RBC-Ukraine