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Is PayPal safer than Debit Cards?

PayPal

Sharing payment data on the web should be carried out carefully and only after double-checking that the website is trustworthy. With the number of internet transactions increasing yearly, you might be wondering which is the best amd safest option amongst the many available choices.

Let us check if Paypal safer than debit cards. PayPal or Debit Cards: Which mode of payment is the best?

About PayPal

PayPal has over 325 million active customers worldwide and covers a variety of services. PayPal’s sole purpose may be described as facilitating secure transactions.

PayPal is dedicated to modernizing financial systems and enabling individuals and companies to participate in and prosper in the world economy. It empowers account users to access and make payments in a unique and better manner, including online, through an app, and even in person. PayPal makes it easier to handle and exchange money by giving you more options and freedom when transferring or receiving payments.

How reliable and secure is PayPal?

End-to-end encryption is used to protect all PayPal transactions as it travels between the two parties (buyers and sellers), preventing any cybercriminals from obtaining confidential data. This implies that no one, not even the receiver, has access to your financial data.

To maintain the security of the transactions, PayPal app users can also enable a 2 step verification process. It means after logging in, an OTP will be sent to you for authentication.

Enhanced Safety Features of Paypal

PayPal takes countless measures to ensure payment safety, and some are highlighted below:

  • If you have an issue with a purchase, you may register a complaint right away using PayPal’s Resolution Centre.
  • PayPal keeps an eye on every transaction 24/7 to detect misuse, email spoofing, and data theft.
  • If you observe any suspicious activities, such as data breaches, unaware transactions, etc., you can immediately report them.

About Debit Card

If a debit card is used, money is deducted straight from the user’s bank account. They are often known as “check cards” or “bank cards” and may be used to purchase products or services, as well as to obtain cash from an ATM.  

Debit cards allow you to make transactions without having to carry cash or checks. Debit cards generally have daily spending limitations, so it’s unlikely that you’ll be able to make significant transactions. Payments with a debit card may often be performed with or without a personal identification number (PIN).

As per the survey (2017) conducted in 142 countries, 44.4% of people have debit cards on average.

How reliable and secure are Debit Cards?

This one may seem self-evident at first, but carrying a debit card is better than having cash for a range of grounds. If your wallet is lost, for instance, debit cards may be canceled and replaced immediately and securely. When used at a chip-enabled machine, the EMV chip on the card adds extra protection by encrypting data. Unlike cash or credit cards, debit cards need a Personal Identification Number to be used, making transactions safe.

However, if anybody steals your card or account details and begins to make unauthorized transactions, the time it takes you to notify and report it will decide the extent of your liability.

If you disclose those transactions within 60 days of receiving your account statement, you will not be held responsible for them.

Safety Tips to ensure safe transaction for your Debit Card

Consider following safety tips to ensure payment safety while using debit cards:

  • You must not carry your PIN in your wallet, handbag, or pocket.
  • Never note down your PIN or reveal it to anybody.
  • Monitor your account activities on a regular basis.
  • Use ATMs only at banks or credit unions, as those situated in public locations are more likely to include a skimming device.

PayPal vs. Debit Cards

PayPal maintains track of potential fraud and updates its security mechanisms as needed. It also offers several additional features to provide online buyers peace of mind, such as a money-back promise if your online purchases do not meet your expectations.

Debit cards are also a secure option because they need a PIN to make transactions, and you can quickly have your card disabled and canceled if any suspicious behavior is detected.

Scamming is an unceasing struggle across all payment channels. Customers can be extra cautious while making payments, whether it’s through a credit or debit card, an online app, or an in-person transaction.

When it comes to online and offline purchasing, PayPal outperforms debit cards in terms of encryption. Hence, PayPal is a touch more secure than Debit Cards. However, keep in mind that not all merchants accept it as a payment option and hence in terms of accessibility Debit Cards are better.

To conclude, both Paypal and Debit Cards are safe options of transactions. However, Paypal is safer than Debit Cards and thus wherever possible try to use Paypal for your financial transactions. If you do not have a Paypal account, set up your PayPal Account now.

Additional Read: Where can you use a Visa gift card?

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