Since the dawn of time, there have been various types of objects and materials that enabled trade. In the beginning, leather, precious stones, ivories were the most valuable things – all these materials were used to trade food, weapons, raw materials. Unfortunately, all these products did not have a specific value. Nobody knew how much a zebra skin or a war sword cost. In order to solve this problem, money was invented – an object that has a constant value. 1. Introduction 

Initially, the money was made from silver and gold, but it has changed a lot over the next millennia. Presently, money has an electronic form. Now, we pay for everything using payment cards, smartphones, and even smartwatches. Many people orders clothes, electronic devices, and even food via the Internet. Why would I do that? Because it is cheaper, there is more choice and the delivery and payment methods are very fast and convenient.  How is it that virtual money is able to reach the seller so quickly that the delivery time is as short as possible? One of the easiest and fastest ways to pay is through PayPal, which is becoming more and more popular.

1.1 What is PayPal and how it works?

PayPal was founded in 1998 by five big investors: Elon Musk, Ken Howery, Luke Nosek, Max Levchin and Peter Thiel. PayPal was initially used to send money via mobile phones, but in a short period of time, it introduced a web-based system.  Offering payment services enabling businesses and consumers with an e-mail address to send and receive payments over the internet. PayPal is a virtual purse. In PayPal, customers can pay by credit card or PayPal balance, which can be funded by a bank or other PayPal account transfers.  The American online payment giant is present in 190 countries, 23 of which have local online services.

1.2 PayPal alternatives

As we know, PayPal is not the only platform for express transfers. Many other large companies like Google or Amazon also have their own quick payment solution. Each of them has different properties but the main mechanic is unchanged. So today we’re gonna talk about the PayPal competitors. 2. PayPal alternatives 2019

2.1 Google Pay

logo owner: Google Who are PayPal’s competitors? One of them for sure is Google Pay. Google Pay (previous name – Android Pay) is a mobile payment system developed by Google. The service is based on an application with the same name, in which payment and loyalty cards can be added – hence the similarity to a digital wallet. Google Pay works on the basis of HCE technology and is used for contactless payments with a phone, just like a traditional debit or credit card. The service is becoming more and more popular and banks are willing to promote it among their customers. The application allows for a proximity payment with a smartphone, but also via a smartwatch. Payment is very convenient and quick. Managing Director: Alan Tisch Launched: September 11, 2015 The number of users: 25,000,000 per month Revenue: $ 46,600,000 (2018) International: Yes, with different language options

1.2 Amazon Pay

logo owner: Amazon Pay Amazon Pay is a service that enables customers to shop faster and more conveniently. This service is available only on the manufacturer’s website – Amazon.com. Users can make a purchase using their Amazon account and avoid having to create a new account or enter credit card information. One of the most interesting possibilities is the possibility to make voice payments with Amazon Alexa. Another advantage is free registration.  Managing Director: Jeff Bezos Launched: 2007 The number of users: 33,000,000 per month Revenue: $ 53,180,000 (2018) International: Yes, with different language options

1.3 Shopify Payments

logo owner: Shopify Shopify is one of the most famous and dynamically developing store platforms in the world. Various e-commerce solutions created by this company are already used by over 234 thousand sellers from 150 countries. Shopify was launched in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake in Canada. They have designed his own payment method named Shopify Payments.  Why Shopify payments can be an alternative for PayPal? First of all, it allows users to make payments much more conveniently and is very intuitive. Secondly, the transactions are safe and very fast without any fees. Country of origin: Canada Founder: Tobias Lütke, Daniel Weinand, and Scott Lake  Managing Director: Tobi Lütke Launched: 2004 The number of users: 1,000,000 per month Revenue: $ 673,000,000 (2017) International: Yes, with different language options

1.4 Payoneer

logo owner: Payoneer It was launched in 2005 by Yuval Tal in New York. The Payoneer mechanic is very similar to PayPal – Payoneer allows its customers to receive withdrawals directly to a MasterCard debit card. The company specializes in facilitating cross-border B2B payments. Transactions can be executed worldwide in more than 200 countries Payoneer is an AirBNB partner and has become a very simple way to pay for hotel services. From the moment of activation, Airbnb will accumulate customer withdrawals in USD or EUR depending on the country. Once a withdrawal is made by Airbnb, it usually records the funds deposited into your account within 1-3 hours. The entire transaction takes an average of 1 to 3 hours.  How we can see Paypal is for sure one of the biggest Payoneer competitors. Country of origin: New York, USA Founder: Yuval Tal Managing Director: Scott Galit Launched: 2005 The number of users: 4,000,000 Revenue: $ 174,400,000 International: Yes, with different language options

1.5 Payza

logo owner: Payza Payza is one of the most popular online payments like PayPal systems. It is an international brand, serving individual and business customers. It is very useful for people who shop online, but also for people working on the Internet. Payza is for sure very good PayPal alternative. The vast majority of programs offering online earning have Payze in their payment options. This is particularly true of the recently breaking popularity records – rev share programs. After PayPal resigned from such services, Payza became the first option for many people. A very big plus is that Payza is free – that’s why many people say that it is better than PayPal. Country of origin: Montreal, Kanada Founder: Firoz Patel Managing Director: Firoz Patel Launched: 2012 Revenue: $ 42,100,000 International: English

1.6 Stripe

logo owner: Stripe Stripe.com was launched in 2010 by Patrick Collison, John Collison in San Francisco. The company is a solution where we use their engine and merchant account. We integrate through a banal API, where we have support for different development platforms. Everything practically happens on their server so we have no credit card data so we have no less responsibility.  The fee is 2.9% of the transaction value + $0.30 and the minimum payment value is $0.50. The application also allows you to determine who (as the payee) will appear on the payer’s bank statement. Most credit cards are supported. Cyclical payments are also possible. Country of origin: San Francisco, USA Founder: Patrick Collison, John Collison Managing Director: Patrick Collison Launched: 2010 The number of users: 100,000 Revenue: $ 1,500,000,000 (yearly) International: Yes, with different language options

1.7 TransferWise

logo owner: TransferWise TransferWise.com is a new type of financial institution for people and companies who travel, live and work abroad. This is one of the most honest and easiest ways to manage money across national borders. The simple platform offers international transfers and virtual wallets, which makes money management becomes easier and faster. The company has recently introduced Facebook integration and established partnerships with many European banks such as N26, LHV, Starling Bank.  TransferWise was launched in January 2011 by Taavet Hinrikus and Kristo Käärmann in London. In December 2017 the number of employees amounted over seven hundred Country of origin: London, England Founder: Taavet Hinrikus and Kristo Käärmann Managing Director: Kristo Käärmann Launched: January 2011 The number of users: 4,000,000 Revenue: $ 131,000,000 International: Yes, with different language option

1.8 Authorize.net

logo owner: Authorize.net Authorize.Net was launched in 1996 by Jeff Knowles in Utah. The company is really good paypal alternative. It is a payment service that allows merchants to accept credit card and electronic cheque payments through their website.  Its service allows users to enter credit card information and send it directly to the website, unlike some alternatives that require the customer to sign up for a payment service before making a transaction. This solution ensures top security. Country of origin: Utah, USA Founder: Jeff Knowles Managing Director: Bob Donahue Launched: 1996 Revenue: 21,700,000,000 (yearly) International: English

1.9 Wepay

logo owner: WePay WePay is one of many services similar to PayPal. It is a US-based online payment service provider that provides an integrated and configurable payment solution through its API for enterprise platforms such as crowdfunding sites, marketplaces, and small business software vendors. Wepay was launched in 2008 by Rich Aberman and Bill Clerico in Boston. Wepay was supposed to be a better alternative to PayPal. The company has 200 employees in its headquarters Country of origin: Boston, USA Founder: Rich Aberman and Bill Clerico Managing Director: Bill Clerico Launched: 2008 Revenue: $ 220,000,000 (2017) International: English

1.10 Alipay

logo owner: AliPay The Alipay payment platform cooperates with over 65 financial institutions, such as Visa or MasterCard. Alipay application is primarily a platform for making mobile payments, but it offers a number of other features, such as:

• payment of bills by credit card
• bank account management
• adding funds to your mobile phone
• purchase of bus and train tickets
• ordering meals or public transport services
• choice of insurance, 
• storing digital copies of identity documents Alipay has 600,000,000 users because it is very practical and useful. For sure it can be called one of the biggest PayPal alternative 2019. Country of origin: Hangzhou, China Founder: Jack Ma Managing Director: Peng Lei Launched: 8 December 2004  The number of users: 400,000,000 per month Revenue: $ 100,000,000 International: Yes, with different language options

1.11 ClickBank

logo owner: Clickbank ClickBank can be PayPal alternative for personal use, but also for companies. It has been operating for more than 20 years and has already paid out well over $2 billion.  The idea of the service is to sell, buy and promote products (usually digital). In 2014  the company had 7 million users in over 180 countries. The company handles over thirty thousand transactions a day. Country of origin: San Diego, California, USA Founder: Tim Barber and Eileen Barber Launched: 1998  The number of users: 6,000,000 Revenue: $ 206,000,000 International: Yes, with different language options

1.12 WeChat Pay

logo owner: WeChat WeChat is one of the biggest instant messengers in the world created in 2011. It also serves as a quasi-community portal. The company’s previous name was Wexin but later the name was changed. It is also one of the best payment apps like PayPal. WeChat users from China who have provided bank account information have more features than normal. WeChat Pay’s clients can pay bills, order goods, and services, transfer money to other users, and pay in stores. Country of origin: China Founder: Zhang Xiaolong Managing Director: Ma Huateng Launched: 21 January 2011 (as Weixin) The number of users: 1,800,000,000 per month (2018) Revenue: $ 11,700,000,000 (2018) International: Yes, with different language options

1.13 Revolut

logo owner: Revolut If you search other ways to send money besides PayPal, take a look at Revolut app. Revolut is a British start-up which offers a multi-currency card with an application. Everything is very easy to use. Revolut settles payments at the interbank rate, so much cheaper than banks or most Internet exchange offices. Revolut was launched in July 2015 and today has more than 3 million customers. Users have already completed 270 million transactions with Revolut worth more than $40 billion. Revolut company employs over 600 people worldwide, most of them come from Poland.  Country of origin: London, United Kingdom Founder: Nikolay Storonsky and Vlad Yatsenko Managing Director: Nikolay Storonsky Launched: 1 July 2015 The number of users: 6,000,000 (monthly) Revenue: $ 17,300,000 International: Yes, with different language options

1.14 Apple Pay

logo owner: Apple Apple is available only for Apple devices – iPhones, Apple Watches, MacBooks and iPads. One of the many possibilities of Apple Pay is paying by phone. It allows clients to use their smartphones instead of a credit card. Simply bring the device closer to the terminal to pay for purchases or services.  The mechanic of Apple Pay is very similar to Android Pay. Users can also pay online for everything using only an iPhone or iPad. It has a feature to transfer money from your phone to your phone, but this service is only available in the USA for the time being. Managing Director: Tim Cook Launched: October 20, 2014 The number of users: 87,000,000 per month International: Yes, with different language options

1.15 Skrill

logo owner: Skrill Skrill allows its users to instantly book cash on their deposit balance which is a great solution for bookmakers. Using Skrill guarantees his clients smooth online sports betting and full control betting slips. Bookmaker players appreciate Skrill and its innovation. What’s more, bettors place Skrill in line with free e-transfers such as Dotpay and Tpay. The advantage of e- purses over other payment methods connected to a bank account is also their partial anonymity, which is valued by many types of customers. In the case of operations using Internet wallets, the recipient receives only the information and name, surname and e-mail address of the sender. Country of origin: United Kingdom Founder: Benjamin Kullmann Managing Director: Lorenzo Pellegrino Launched: 27 July 2001 Revenue: $ 331,000,000 International: Yes, with different language options 3. Summary

As you can see from the web marketplace we have a lot of payment alternatives to PayPal. Many of them are an updated version or have some additional options, such as anonymity during the transaction. In this article, I have presented only payments using normal, real currencies like USD or EURO. The cryptocurrencies which also have many advantages are becoming more and more popular and probably it can replace even PayPal in the future too.
Sources of Information: https://www.owler.com www.marketing91.com/top-paypal-competitors/ https://blog.hubspot.com/sales/paypal-alternatives https://www.investopedia.com/articles/markets/101415/4-best-alternatives-paypal.asp