Paypal is an American MNC in finance that has replaced traditional paper transactions with digitized transactions.
The company was founded by Peter Thiel, Elon Musk, Luke Nosek, Max Levchin, Ken Howery, Yu Pan, and Russel Simmons in December 1998 under Cofinity. The headquarters is in San Jose, California.
It works with countries that support online payments or transactions. In 2002, Paypal became public through an IPO, and later that year, it became wholly owned by the subsidiary of eBay, valued at 1.5 billion dollars.
Here is a detailed study of PayPal’s key competitors and alternatives.
- Year founded: 2010
- Headquarter: San Francisco, California
Stripe was founded by Patrick Collison (CEO) and his younger brother, John Collison, in 1988. The company’s present valuation is $95 billion, with 3.1 million websites as active users. Its cost of 2.9 percent plus 30 cents is per transaction.
It comes with an API interface. The facilities provided by it like multiple payment options, fraud and dispute options, and revenue optimizations to attract more customers.
Stripe is generally used by those with computer programming knowledge due to its complicated operation.
Some parts of cities are transit deserts—neighborhoods where public transport doesn’t reach.@TheSuSanni started @Dollaride to build infrastructure for this informal transit world and make mobility accessible to anyone, anywhere.
— Stripe (@stripe) August 25, 2022
- Year founded: 2001
- Headquarter: London, England
It was founded in 2001 with Joel Leonoff as the present CEO. The company’s valuation is $1.2b, with 40 million active users worldwide.
Its pricing is 1.54% plus 50 cents per transaction with a free fund transfer facility to the bank accounts.
Skrill makes it easier for the users to link a bank account, send or receive money despite the location, and helps the purchasing or online payments easier by using only an email address and password.
— Skrill (@skrill) September 7, 2022
- Year founded: 2017
- Headquarter: Mountain View, CA
Google Pay is being downloaded by 82 million people in 2021. It was founded by Sujith Narayanan and Sumit Gwalani in 2015.
The present CEO is Sajith Sivanandan, and the company’s valuation is Rs. 14.8 Crore. Its service costs 2.9 per cent per transaction for free debit cards and transfers to a bank account.
It is a prominent PayPal competitor owing to it’s own integrated platform.
Regardless of the location, it allows the wallet facility easy and fast transactions. It will enable the business to streamline its payment procedures for the customers.
- Year founded: 2014
- Headquarter: United Stated
It is one of the most widely used substitutes, with 227 million active users, after its release in 2014. With its CEO, Tim Cook, its valuation is $7.08 trillion (2015).
This app is for apple users with pricing charges of 3% per transaction with a free debit card and bank transactions.
Digital marketing is safe and compatible with most banking systems, including AmEx, Visa, and MasterCard. Apple works as a virtual wallet which makes it easily accessible.
- Year founded: 2005
- Headquarter: New York, New York
Payoneer is a platform which is generally suited to small and medium-sized companies. Yuval Tal founded it in 2005. The present CEO of the company is Scott Galit.
Because of its proactive partnerships with well-known marketplaces and freelancing websites like Freelance, the company stands out among PayPal competitors.
The company’s valuation is $3.3 billion, with 40 million active users worldwide. Payoneer’s credit card charges are 3% from the customers.
It has a debit card facility that helps users withdraw money from ATMs, making it convenient. It made $122.7 million in the third quarter of 2021.
Want the proven strategies and tactics to take your business to the next level and beyond? ?@Helium_10's Sell + Scale Summit, Sept 19-22, Las Vegas, NV.
— Payoneer (@Payoneer) September 13, 2022
- Year founded: 1983
- Headquarter: Mountain View, California
It is a platform that allows users to save time as it helps to keep a financial record with our manual inputs of the data.
Scott Cook founded it in 1983, and the present CEO is Sasan Goodarzi, with more than 2 million active users. Its pricing charges are 2.9% plus 25% card transaction, and the basic plan offers free bank transfers.
It helps small businesses to have easy transactions with simple tools, and it also enhances speedy transactions.
- Year founded: 2007
- Headquarter: Seattle, Washington
Mahendra Nerurkar founded it on 4th July 2011. the present CEO of Amazon Pay is Andy Jassy. There are 50 million users worldwide.
The charges for its pricing are 2.9 30 cents plus 2.9 to pay for local US transactions and 3.9 percent plus 30 cents on international transactions. It allows the users to log in to the account and make the payments when and where possible.
It also allows users to use the digital solution on any device as per their preference.
- Year founded: 1998
- Headquarter: Alpharetta, Georgia
2CheckOut is the platform best suited for international transactions catering to over 400,000 customers globally.
It was founded by Alan Homewood and Alex Hart in 1999. The present CEO of the company is Mike Pulli. The company’s value of $72 million. It has three pricing options for customers based on their needs.
The charges per transaction start at 2.9% plus 30 cents. It supports 87 currencies and 30 languages and is accessible in over 200 countries.
A/B testing an #eCommerce page is a crucial component of an online store’s long-term success. ?️
— 2Checkout (now Verifone) (@2Checkout) September 12, 2022
- Year founded: 2013
- Headquarter: Ontario, Canada
Shopify is a more helpful platform if the user has a Shopify shop. It was established with the help of Tobias Lutke (CEO), Daniel Weinand, and Scott Lake in 2006.
The firm’s present value is $1 billion and over 100 million. The price is 2.9 percent, plus 30 cents for each credit card transaction, and the basic plan begins at $29 a month.
The finest PayPal competitor for online stores using the Shopify framework is Shopify Payments.
This platform enables users to use eCommerce payments without any third-party involvement.
- Year founded: 2009
- Headquarter: San Francisco, California
It was initially a solution to the mobile point of sale transaction, but now it allows users to make cash payments. It was founded by Jim McKelvy and Jack Dorsey( CEO) in 2009.
The company’s valuation is $110bn with 30 million users, and the price is 2.9 percent, with 30 cents per transaction.
It also offers tools for payroll, recurring payments, and other services. It also helps with the seamless integration with online stores. It also has a loan facility.
— Square (@Square) July 5, 2022
- Year founded: 2011
- Headquarter: London, England
Wise is a London-based tech and financial firm established in 2011 by Estonian business people Kristo Karmann (CEO) and Taavet Hinrikus in January 2011. The company’s valuation is $11 billion, with more than 2 million active users.
Wise is a quiet but powerful PayPal competitor.
It is helping people to save money and manage their international money more efficiently. Wise is regarded as one of the safest platforms for online transactions.
? Say "low transfer fees and real-time exchange rates" ?
— Wise (ex-TransferWise) (@Wise) September 6, 2022
- Top 10 Stripe Alternatives for Smoother Payment Processing!
- How To Set Payment Methods For Your Shopify Store?
- 50 Best Shopify Apps To Increase Sales In 2023 [Free & Paid]
- 50+ Best Shopify Store Tips to Double Shopify Sales
- 7+ Best POS Systems To Buy For Small Businesses
“Business, marketing, and Branding – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, Branding, leadership, and finance. I am on a mission to assist businesses in achieving their goals.”