PayPal (PYPL) is associated with online payments, but it isn’t the only player in the rapidly expanding digital money market. Almost every consumer market is shifting to the internet. Consider how Amazon surpassed Walmart as the largest retailer in the world. Every year, an increasing number of people use online payment methods.
The online payment platform business is constantly evolving, and large firms are beginning to notice, since there is plenty of potential for competing services. Apple, Google, and Samsung have all developed competing platforms, and the online payments sector already has a plethora of lesser-known options.
PayPal hit the news recently and received a heavy backlash on a tweet they had shared following a viral “red flag” meme tag that brands were hoping on.
Kenyans took to social media to vent their frustrations while using PayPal with most saying their funds had been withheld by the company for years. However, this seemed to be a common issue affecting a great number of PayPal users in Africa.
Here are some reactions;
https://twitter.com/Marion_Ngari/status/1449853169182326786
https://twitter.com/daggieblanqx/status/1450194225077833742
What are the best alternatives to Paypal?
Wise
TransferWise, which was recently renamed Wise, is essentially an online account where you can send money abroad, receive payments in foreign currencies, and use their Wise debit card to spend money abroad.
In 2011, the company began as a simple international money transfer service. Taavet Hinrikus (one of Skype’s original members) and Kristo Käärmann co-founded it (an experienced financial services consultant). The company’s headquarters are in London, but it currently has offices all around the world.
Transfers via Wise take between about a day to complete and can e directly deposited to your bank account.
To receive money via Wise, follow these steps;
- Open a balance in the currency you want to receive money in. You can do this from Home in the website or app.
- Click Get account details — you’ll need to complete some requirements if it’s the first time you’re getting account details.
- Share these account details to your company, clients or friends, so they can send you money using them.
- You’ll receive their payment directly into that currency balance in your account.
To learn more, visit the Wise website here.
Payoneer
Payoneer is a financial services company based in the United States that offers online money transfers, digital payment services, and working capital to its customers.
The Global Payment Service allows you to receive payments from companies in the US, EU, UK and Japan as if you had a local bank account. It works in the following way:
- Payoneer provides you with the details of a receiving account
- You provide these details to the company, with which you work
- The company uses these details to send a local bank transfer
- You receive the payment to your Payoneer account
To view the details of your Global Payment Service receiving accounts, log in to your Payoneer account, go to the Receive tab and select Global Payment Service. You will see the details of the receiving accounts in different currencies.
You can submit these details on the online platform you work with or email them to your contact person within the company.
Other alternatives that can serve you right are; Skrill, Western Union, Google Pay, WordRemit, Chippercash and MoneyGram.
