The world today is inarguably digital, and many people now do most things online, including making purchases and cash transfers. Digital payments have been made easier with online payments services, one of which is Paypal. Paypal is an online payment system used to pay for things and send and receive money online effortlessly and safely.
Although PayPal is one of the best platforms for making purchases and sending and receiving funds online, it still has some close competitors. The major PayPal competitors include; Payoneer, Stripe, Skrill, Google Pay, and Wise. Each of these competitors has unique features that make it different from the others.
List Of PayPal Competitors.
1. Payoneer.
Payoneer digital payment platform is one of the most popular PayPal competitors; it allows one to send and receive funds. Using a Payoneer, businesses can send invoices directly to their customers, and individuals can make payments and transfer funds.
Furthermore, it has a free account that allows you to withdraw straight into your bank account. As an individual, you have the option of a Mastercard debit card that works with ATMs and allows you to make payments directly from your Payoneer account.
Pros.
- It operates in over 200 countries.
- It handles local and international payments.
- It offers an efficient customer support service.
- Payment is free between Payoneer accounts.
- It’s highly secure and efficient.
- It’s perfect for freelancers and businesses.
Cons.
- It can’t be used as a point-of-sale system.
- It charges $1.5 for local bank transfers, and PayPal does this for free.
2. Stripe.
Stripe is another top PayPal competitor; it powers online payment processing and commerce solutions for various online businesses. And although it’s only available to United States and Canada-based businesses, Stripe customers can accept payment from anywhere.
Additionally, Stripe is a very fast and safe payment service that individuals can use. This provider charges 2.9% and 30 cents in every transaction.
Pros.
- It has one of the best payment processors for online businesses.
- There is the transparency of charges with a flat rate.
- It has advanced billing and invoicing tools.
- Its check-out process is self-hosted for businesses instead of directing customers to external sites like PayPal.
Cons.
- The platform might be difficult for those who don’t know computer programming.
3. Skrill.
Skrill is a great digital payment platform originally established in 2001 in the United Kingdom as Moneybookers. This payment system allows one to make fast and safe payments and transfers cash worldwide with low fees. It’s one of the most reliable money transferring and payment processing systems available in lots of regions and countries all over the world. It charges 2% per transaction.
Pros.
- It’s very secure.
- It comes with a prepaid card.
- It’s easy to use.
- It has a good pricing system.
Cons.
- Its verification process takes time.
- It has limited customer support service.
4. Google Pay.
Google Pay’s digital payment system is another popular PayPal competitor, it integrates all the other Google products and services, and the fact that one can attach payment to Gmail messages makes using this payment system incredible.
Also, it allows all its users to make payments using their credit card and charges 2.9% per every transaction, but debit cards and bank transfers are free of charge.
Pros.
- It provides insights into your actual expenses and transaction history.
- It’s a fast and easy payment system.
- Businesses can use it as a digital marketing tool.
- Its debit transactions are free, while PayPal charges 2.9%
Cons.
- It has limited options for international money transfers.
5. Wise.
This payment system is formally known as Transferwise, and this payment service provider is designed to make international money transfers faster and easier. It offers low-cost international fund transfers and top-notch website functionality. Over 29 million customers trust it in about 80 countries worldwide.
Pros.
- Quick delivery of payments.
- Low and affordable pricing.
- It has one of the best exchange rates.
Cons.
- It has limited customer support.
Conclusion.
The online payment service platforms industry has been expanding over the years due to the increasing rate at which people purchase, transfer and make payments online. Although PayPal is an efficient payment system, other payment service providers are just as efficient and effective. And each of the above PayPal competitors is designed to cater to different needs of individuals and businesses.
FAQs.
What’s the largest online payment system?
The largest online payment system is Paypal; it’s widely used with over 400 million active customers and over 30 million merchants.
Which is the best online payment system?
The best online payment system will differ for various businesses and individuals. This is because one’s ultimate choice of online payment system will be determined by the platform that best suits one’s needs.
Which is the cheapest PayPal alternative?
Cheaper PayPal alternatives include Skrill, Stripe, Transferwise, and Payoneer. There are a lot of cheaper PayPal alternatives; one’s pick will depend on what you want to do with it. The ones earlier mentioned are not only cheaper but also offer great payment processing services.
