Online payment systems revolutionized the way we pay for goods and services and provided strong support for further growth of e-commerce businesses. They also enabled us to send money abroad with only few clicks and avoid paying high commission fees that banks for international money-transfer services regularly charge.
So far PayPal has been the most popular online payment app, it is used by more than 159 million people around the world and recognized by most e-commerce businesses. Until lately PayPal didn’t have too much competition on the market. Recently we’ve seen launches of many new apps, which made online payment market more competitive than ever. In this article we reviewed some of the best PayPal alternatives you can find online.
Skrill- for low-cost transfers
Skrill is mainly focused on money transfers between individuals, and you will rarely find its icon on e-commerce websites. It is also a preferred money-transferring app for many freelancers from developing countries, because it allows people to transfer money from their Upwork.com accounts, without charging any commission.
This system can work with 41 different currencies and it supports many different credit and debit cards. Skrill account is tied to user’s e mail address, and there’s no limit on how many addresses can be used on one account.
Alternative Payments- for e-commerce entrepreneurs
This set of online e-commerce payment tools enables entrepreneurs to widen their market and accept payments from abroad. Alternative Payments works with European Eurodebit, Brazilian Boleto Banacario and many different bank transfer apps that enable people from all six continents to purchase products on e-commerce websites that introduced this system. Alternative Payments also enables entrepreneurs to target customers from different parts of the world, with using their language, bank transfers and currency.
Payoneer- for flashing your MasterCard
Unlike other systems that we mentioned so far, Payoneer enables its users to order their own MasterCard, which means that they can withdraw their funds on almost all cash machines around the world. This option is very appealing to freelancers, and people who like to shop in regular brick and mortar stores. Payoneer users can also exchange money through cross-border wire transfers and can pay for goods in e-commerce stores with their debit card account.
Google Wallet- for paying with your phone on PayPass terminals
Since Google is the company that both follows and invents new trends, rising interest in mobile shopping, encouraged them to introduce Google Wallet, one of the most superb mobile payment apps. Unlike other systems mentioned in this article Google Wallet uses near field communication and PayPass enabled checkout, which allows its users to pay goods on the spot, in stores that support MasterCard PayPass or Visa PayWave systems. Google Wallet is also integrated with Gmail, and can be used for sending money by mail, wrapped in special attachments.
Amazon Payments- for shopping in the most famous online store
Since Amazon doesn’t use other online payment systems they decided to introduced Amazon Payments. This app focuses on providing the same easy checkout process for its users as the one they can find on Amazon online store. Other than online purchases, this payment app can be used for SMS payments that can be directed to online stores or other individual users. Recently Amazon Payments also included PayPhrase feature, which allows users to purchase products on Amazon with typing a passphrase that replaces all credit and shipping information.
Online payment systems are very helpful for both consumers and online retailers. By using them, consumers can avoid leaving their personal and credit card information on e-commerce websites, which prevents them from becoming victims of cyber crime. At the same time retailers can have much bigger reach and overcome number of geographic limitations with introducing different online payment systems on their websites.