Because of the popularity of PayPal, companies in the digital money space are growing. All consumer markets will be migrating to digital platforms in near future. For example, how Amazon became the world’s biggest online retailer is interesting. People are increasingly relying on online payment systems for their payment.
The industry of online payment services is developing fast and major users are getting interested in this. There are plenty of PayPal alternatives already available in the online payments marketplace and Apple, Google, and Samsung have all built rival platforms.
PayPal was established in 1998 as an experiment from a group of esteemed entrepreneurs, including Elon Musk, Max Levchin, and Peter Thiel.
It was the go-to premium brand in digital money administration in 2002 and was purchased by eBay. The total volume of payments made by PayPal reached a record $712 billion in 2019. Volumes in 2018 were 578 billion dollars and 150 billion dollars in 2012. In a short period of time, this is rapid growth. Paypal is not trying to cripple the industry even after its growth.
One advantage of PayPal is that it’s a huge, multi-service channel, which doesn’t always have as many competitions. Stripe for example is for online companies. For example. Other options, including Google Pay Send, compete on several fronts. The, best alternative is dependent on the online money habits of each consumer. Each of them has something distinctive from each other. PayPal has some good alternative, check them out below
Skrill is among PayPal’s most well-known alternatives. In terms of transaction costs, the main area in which Skrill operates over PayPal is. PayPal charges 4.5% for a trade fee, while the price for Skrill amounts to 2.9%.
Private users will also be worried about inactivity fees. A small charge of 5 dollars will be applied if Skrill accounts have not been used for 12 months. This feature is not available to PayPal. In terms of market acceptance, PayPal has the largest upper hand over Skrill. Many shoppers can easily use PayPal because nearly every major retailer can access PayPal. However, Skrill is a good choice for private users, because it has null deposit charges, nearly zero withdrawals charges and money transaction is free.
Payoneer is one of the world’s most famous electronic platforms. It began about the same time PayPal and works in far more than 200 countries like PayPal.
There are two different types of Payoneer accounts: one is free and permits cash withdrawal directly to your bank account. The other account requires an individual’s prepaid card and is valued at $29.95 per month. For local bank transaction, Payoneer charges a $1.50.
Payoneer also offers a billing service, which allows a company established to request for customer’s payments. This is a 3% credit card fee and a 1% debit card fee. Payoneer is a proper alternative to PayPal, which offers both individuals and businesses a great deal of functionality and services. It is used by many platforms like some money earning site which pays for playing games online
Amazon Transactions is at the top of the list when it comes to allowing people to check out your online store. It accelerates the entire process, like PayPal. We like to compare it to a Facebook login, which already contains all the user information. The login or checkout is therefore much faster than that of an ordinary shopping cart and check-out
The transaction charges are the same as PayPal.
Compared with other competitors, protection is very powerful.
The interface and sign-up process is easy to start with an Amazon account.
Everybody knows Amazon, so it’s easy for your customers to pay.
However, it has some downsides and some of them include, there are some random fees, such as domestic fees and commission.
Integration into your online shop can take some knowledge of programming.
4. Google Pay Send
Several names like Amazon Pay, Apple Pay or Samsung Pay could have been listed here; however, none of these services has the full range of PayPal options, although they do not lack resources and will be serious competitors in the future. Google Pay Send takes the thumbs up for being able to attach payments to Gmail messages and Google is among the few corporations that control the digital world.
Like PayPal, Google Pay Send is ideal to send money from/to virtually anywhere for any purpose, but Google Pay Send doesn’t really charge any debit fee, compared to 2.9% for PayPal.
Google Pay Send is not subject to setup or cancellation fees and is available on Android and iPhones platforms. For Google Pay Send the major advantage is the commercial function, which allows you to manage your business using a number of tools and incorporating rewards programs and other benefits. The placing a “Buy with Google” button on its websites is a great difference.
For online business clients, Stripe is competing against PayPal but not much. This service is offered only to businesses based in the United States and Canada, but payments from any country. Fees are very clear; 2.9% plus 30 cents on each transaction is charged by Stripe. The checkout procedure for Stripe is on the page of purchase. This happens at the site of the business owner, instead of redirecting customers to a payment provider site like PayPal.
There are also sites as well that uses this service to pay their users who watch videos and ads for real money online
The use of the Stripe platform is also convenient with depositing bank accounts. If a customer buys a product from a company via Stripe. This means less manually initiated transfers, which is continuous trouble for many enterprises as most of the transaction process is automated, and less chance of disastrous events such as fraud and account freezing. The Stripe Network will deposit funds into an external bank account automatically.