The most popular online payment solution for sending and receiving payments is PayPal and, over the years, it has become the de facto online payment solution for merchants, customers and freelancers. Though a good number of people use PayPal for payment transactions, modern technology has enabled many people to invest in developing new payment technologies and pose a challenge to PayPal by offering low fees with secured and fast transactions.
One payment solution, offering innovative invoicing and time tracking tools that have caught customers’ attention, is Due. Business owners and freelancers alike use these tools; it saves a lot of time and allows them to concentrate on their business instead of wasting time on trivial issues. It accepts payments from worldwide and you can use its digital wallet to send and receive payments instantly with negligible costs. Another unique feature of Due is e-bank, where you can store money online.
Stripe has become one of the alternative payment solutions to PayPal that accepts payments worldwide. It is developed by two brothers from Ireland, Patrick and John Collison, and was programmed to cater to the needs of e-commerce solutions. Stripe is now valued at $9.2 billion and, though a good number of people have never heard of it, many of them may have used it.
In the 1920s, the booming stock market had the New York Stock Exchange; Nasdaq and E-Trade were there for the tech bubble in the 1990s, and now the virtual currency market has Coinbase. Many cryptocurrency exchanges exist around the world but the most dominant one and the centre of the speculative frenzy that is driving up the value of Bitcoin is Coinbase. Most people trade cryptocurrencies like Bitcoin, Etherium, or buy Tezos coin at Coinbase. It made the trading of cryptocurrencies easy by offering a simple sign up process and a brief route to actual trading.
Another payment solution that has become an alternative to PayPal is Skrill (Moneybookers). Features like instant payments, ability to transact in 40 different currencies, low fees, exclusive offers and the ability to send direct messages from your account have made it become a potential challenger to PayPal. One of the things that separated it from PayPal is the sending and receiving of payments for gambling.
One of the oldest payment processing services in the world is Payoneer. One of the biggest advantages of Payoneer is that it accepts 150 different currencies, and you can transact in more than 200 countries. A good number of online payment solutions charge their customers for receiving payments whereas Payoneer doesn't. It also offers a flexible API solution to handle their customers' business transactions.
Amazon is the largest e-commerce company in the world and, to help its merchants and customers to transact in a secure environment, it has come up with a solution called Amazon Pay. Currently, it has 30 million users and it is employing an aggressive marketing strategy - like charging less for each transaction - to poach more customers from the most popular payment solutions like PayPal.
Though PayPal is still the most popular online payment solution in the world, many rival companies are slowly eating up its market share.