Paypal is a popular American e-commerce company that specializes in online payment transactions for many people across the world. In just 20 years, PayPal has grown to be the primary choice for many online business activities, including shopping, payments, and transfers. But, this company is not the only one that provides these services. PayPal always has to deal with competition from a number of other companies. Let us know more detail about ‘PayPal Competitors’.
PayPal Competitors are other companies that offer similar services as PayPal. Venmo, Stripe, Payoneer, ApplePay, Klarna, and Skrill are some of these companies.
These companies compete with PayPal and many more companies for a larger portion of the market share, i.e., for more customers/users.
Some Popular PayPal Competitors
- Payoneer: Payoneer is another American financial service company that provides online and digital payment services for its customers. Since 2005 when it was founded, its customer base has increased to almost 5 million. It offers users free accounts to send, receive, and withdraw money from banks. It also has a prepaid card that you can get for about $30 per month.
- Venmo: This mobile payment service is also run by PayPal. This payment platform is mainly for cordial relationships with friends and family. It has a special transfer system that sends money into a receiver’s bank account, i.e., peer-to-peer transactions. This way, the funds remain virtual until they are withdrawn.
- ApplePay: This mobile payment service allows you to easily make payments from any of your Apple devices. Nowadays, many local stores and online businesses accept ApplePay Merchant as a mode of payment. It doesn’t charge any extra fees and is much safer than physical debit cards or others.
- Stripe: This financial service company was established in 2010. Stripe offers a payments and application programming interface for many online businesses. With Stripe, you can transact your business on the merchant’s website instead of using the Stripe site. It offers two billing methods: Starter and Scale.
- Skrill: This international financial service company offers payment processing for different currencies. However, it does charge a 3%-4% for currency conversions. Also, Skrill deposits and withdrawals do not attract any extra fee; Skrill charges about 3% per transaction.
- AmazonPay: AmazonPay was founded in 2007 to help eCommerce merchants to receive payments from their buyer’s user accounts. This payment processing system makes it easier to access many different markets around the world. Amazon is the largest global online store, and integrating AmazonPay into it connects millions of buyers and sellers.
- Klarna: This financial technology company provides online payment services for many merchant stores. It also offers direct and post-purchase payments. It allows users to use normal E-banking methods to make payments and transfers across banks and businesses.
- Dwolla: This financial technology company is available for payment services only within the United States. It was founded in 2002, and it connects merchants to the Automated Clearing House, where their bank accounts are verified and payments made. It also uses real-time payment systems to move money within the US.
- Square: Square Incorporated is excellent for many customers who like a reliable in-person card payment system. This mobile payment processing system was founded in 2009, and it offers point-of-sale as well as online payments. Its physical payment options are very effective for in-store purchases.
- GooglePay: This virtual wallet allows users with registered Google Accounts to pay for online transactions with their credit cards. Many people can complete their transactions using an app from their phones or laptops. Also, unlike PayPal, Google Pay doesn’t charge fees on debit transactions.
PayPal is a reliable online payment service that is widely used in many businesses. It’s safe, easy to use, and has been a popular online payment option for many years. However, many other eCommerce institutions could take PayPal’s customers. All these payment services are excellent options, and it is up to you to select the one that best suits your needs.
- How much does PayPal charge when I receive money?
PayPal does not charge when you receive money for personal transactions. However, for payments or sales, you will be charged about 3% plus an extra US$0.30 for US transactions and an extra $.30 for cross-border payments.
- How did PayPal become so popular?
PayPal’s popularity is mainly due to its management strategies. PayPal offered safety and security that many institutions were lacking during that period. It offered small charges and referral/reward systems that allowed people to use it easily.
- What countries are eligible to use PayPal?
Paypal is available in about 200 countries, so there’s a high chance you’ll be able to use PayPal wherever you are. The list of eligible countries can be seen on PayPal’s official website. However, some countries may not be allowed to use certain features. For example, PayPal Pro is limited to accounts created in the UK, US, or Canada.
- Will PayPal send me an email when I make a payment?
Of course. You will receive an email when you receive or make a payment. This mail will summarize the details of your transaction. PayPal is very keen on security and works really hard to prevent online theft and fraud. They are almost ‘too secure.’