PayPal used to be one of the world’s most significant breakthroughs. Back then, people weren’t too interested in finding alternatives to PayPal because the service was satisfactory to them.
However, times have changed and so have the needs and demands of people. This is why it is not a surprise that people have started to search for PayPal alternatives for sending, spending, and receiving money.
What Other Payment Systems Are There Like PayPal?
There are other payment systems out there that are alternatives to PayPal, and these include the following:
Skrill is one of the most popular alternatives to PayPal. The company currently has 36 million customers with 150,000 merchants located in 200 countries.
Formerly Moneybookers, Skrill touts itself to be better than PayPal when it comes to transaction costs and advertising fees. While PayPal earns 4% or more for each transaction, Skrill only charges 1.7–2.9%, depending on the size of the transaction.
Skrill also offers all customers debit cards, unlike PayPal that limits debits cards exclusively to US customers. It comes in handy for travelers because this card can be issued in pounds sterling, euros, or other currencies with no need to pay the conversion fee.
Stripe is PayPal’s competitor for online business customers. The service is available only to businesses based in Canada and the US, but payments could come in from all locations.
Stripe has clear fees, charging 2.9% plus 30 cents for each transaction.
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