According to the company's website:
"PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store.
The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing.
With 143 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013."
PayPal does collect your personal and financial information and charges fees for it's service. Sometimes the fees are paid for by the money sender, sometimes by the receiver and they depend on the amount of the transaction, so make sure to learn about the service before signing up here.