The company was founded in 1998 by a group of tech superstars including Elon MuskMax Levchin and Peter ThielPayPal has become a popular brand on the Internet money management and was bought by eBay in 2002.

In 2021, PayPal accounted for 22% of all online transactions and its mobile payment volume was $227 billion. Despite its growth, PayPal is far from monopolizing the industry.

Key things

• In 2021, PayPal accounted for 22% of all online transactions and its mobile payment volume was $227 billion.

• PayPal helps keep transactions safe by not sharing financial information with sellers and also monitors transactions 24/7.

• Popular alternatives to PayPal include Venmo, Apple Pay, Stripe and Skrill.

• Square was the favorite payment platform for merchants in 2022, according to Forbes.

Main features of PayPal

One of the advantages of PayPal is its large multi-service platform with different offers that many other digital payment systems lack. PayPal (PYPL) offers the following features:

• PayPal lets you pay for your favorite things at millions of online stores in the US and 203 global markets

• PayPal allows you to make recurring payments on monthly bills and subscriptions.

• PayPal is free to use when making a donation or paying for a purchase or any other type of commercial transaction as long as it does not involve a currency transfer.

• PayPal earns 3.9% of each merchant checkout transaction.

However, PayPal is not alone in its growth digital money Consumers are turning to online payment systems in record numbers every year.

Here are 10 popular alternatives to PayPal:

1. Skrill

• Skrill trading fees range from 2.5% to 4%.

• Skrill accounts unused for 12 months are subject to a $5 fee.

• Skrill has a limited number of merchant acceptances and PayPal is available at almost every major merchant.

• Skrill is a good choice because it has zero deposit fees, zero withdrawal fees and sending and receiving money is free.

2. Payoneer

• Payoneer, like PayPal, operates in more than 150 countries.

• Payoneer offers an account that is free and allows withdrawals directly to your bank account. The second account is a prepaid card that is only available to individuals and costs $29.95 per month.

•Payoneer charges a $1.50 transaction fee for local bank transfers.

• Payoneer also provides a service called Billing Service that allows the business to set up customer payments with a 3% fee for credit cards and 1% for debit cards.

3. Google Pay Send

• Google Pay Send can attach payments to Gmail messages.

• Like PayPal, Google Pay Send is great for sending money anywhere and from anywhere for virtually any reason, but Google Pay Send doesn’t charge fees for debit transactions, while PayPal charges 2.9%.

• Google Pay Send has no setup or cancellation fees and is available for Android and iPhone.

• Google Pay Send enables a variety of tools to manage your business and incorporate loyalty programs and other benefits.

4. Stripe

• This service is only available to businesses based in the US and Canada, but payments can come from any source.

• Fees are very clear; Stripe charges 2.9% plus 30 cents for each transaction.

• The checkout process for Stripe is self-hosted and takes place on the business owner’s website, rather than sending customers to an external website like PayPal.

• The Stripe network automatically deposits funds into an external bank account.

5. Venmo

• Venmo is a checkout option with several apps and websites, including Uber and GrubHub.

• When you withdraw money from your Venmo balance, it may take several business days for the money to transfer to your bank account. If you need money faster, Venmo offers instant transfers for a 1% fee, with a minimum of $0.25 and a maximum of $10.

• Venmo does not have recurring fees such as monthly or annual fees.

• Venmo includes popular features from social networks, including likes, comments and messages attached to every payment.

6. Apple Pay

• Apple Pay is integrated into iPhone, Apple Watch, Mac and iPad.

• As well as the availability of PayPal, Apple Pay is accepted at more than 85 percent of US retailers

• Apple doesn’t charge you any fees when you use Apple Pay, whether in stores, online or in apps.

• Apple Pay lets you make secure, contactless purchases using Apple Cash, Apple Card, and any other credit and debit cards you add to Wallet.

7. Square

• A retail platform that allows retailers to sell in person and online.

• Options for point of sale, eCommerce, invoices and contactless payments.

• Free to use, but retailers can add tools as needed, including payroll tools and employee timecards.

• Square’s intuitive dashboard keeps a seller’s business data in one place.

8. Amazon Pay

• Using Amazon Pay does not incur fees, including transaction fees, membership fees, and currency conversion fees, for purchases made at sites and organizations that accept Amazon Pay.

• Transactions are secure and everything can be tracked using your Amazon account.

• Amazon Pay accepts credit and debit cards.

• Donations, movie tickets and more can be made by voice connection through Amazon Alexa.

9. QuickBooks Go Payment

• Requires a credit card reader for retailers to accept payments directly from a mobile phone or tablet.

• Swipe rates starting as low as 1.6% for pay-as-you-go or monthly plans are available starting at $19.95.

• Works with iPhone, iPad, Android phones and Android tablets.

10. Shopify Payments

• Requires a Shopify account to accept Shopify payments.

• Customers can use preferred payment methods such as Visa, Mastercard or ApplePay.

• Includes built-in fraud analysis and flags orders that are potentially fraudulent.

• Shopify account reseller pricing plans range from $29/month to $299/month.

Does PayPal provide buyer protection?

PayPal helps keep transactions safe by not sharing financial information with sellers and also monitors transactions 24/7. PayPal also monitors fraud prevention and helps resolve disputes by holding funds until the issue is resolved.

Which online payment platform do merchants prefer?

Square was the favorite payment platform for merchants in 2022, according to Forbes.

What is a Cryptocurrency Payment Gateway?

A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors or gateways used by banks or credit cards. Cryptocurrency gateways allow you to accept and receive digital payments fiat currency immediately by exchange.

Bottom Line

In 2021, PayPal accounted for 22% of all online transactions, but it is one of many companies in the growing digital money space for payment systems, which include Square, Venmo and Amazon Pay.

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