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Digital payments are reaching an all time high. With so much of life now being led online, industries and consumers across the globe are making use of a growing capacity to send and receive money in a way that is free from the limitations of in-person transactions
For many years, PayPal has maintained a strong position at the head of the FinTech industry by enabling a safer route for those worried about the potential security pitfalls of a direct transaction between buyer and seller. But, as the significance of these services has grown and evolved alongside the internet itself, there is now a wide array of secure and reliable online payment options available to users and businesses working online today.
From services that have been operating just out of the limelight for decades, to relative newcomers from some of the biggest tech firms in the world, there are plenty of worthy rivals to PayPal’s ongoing legacy. Read more below.
Neteller
For safety and speed, Neteller offers an excellent payment alternative for millions of users around the world, who can create a digital wallet through which money can pass between trusted sites and other users.
Neteller has proven particularly valuable in the online casino industry, where safely and security for players remains a number one concern. You can visit Casinopro.ca to view a comprehensive overview of the different payment options available to players – with one of the most popular providers being Neteller.
Google Pay Send
Originally known as Google Wallet and Android Pay, these services were integrated back in 2018 to create a digital payment alternative for users on Android and iOS.
Google Pay Send offers users the opportunity to save existing cards to their Google account, which will be encrypted within Google’s own servers. The service makes it simple for users to transfer money between friends and family, using only a phone number or an email address – rather than making a direct bank transfer.
Skrill
Skrill offers users an incredibly low cost method for making international payments for a wide variety of services and goods. Created back in 2001, Skrill has been in the business for almost as long as PayPal, and boasts millions of active users based around the world.
Their speed and ability to offer highly competitive processing fees give them a consistent edge over PayPal, and ensure that they remain one of their biggest rivals in the FinTech industry.
Apple Pay
In action for more than six years, Apple Pay offers iOS users the best of both worlds by streamlining both in-person and online payments. As with Google Pay Send, users can log their card details into Apple’s encrypted system, and enable payments to be made at physical or digital points of sale quickly and safely. The service is free with debit cards, and Apple’s consistent emphasis on user security ensures that it represents a strong rival to PayPal’s services.
The Future of Online Payment Services
From the rise of Bitcoin to ongoing rumours surrounding PayPal’s interest in the world of cryptocurrency, and an ever evolving digital landscape continuously giving way to new risks for buyers and sellers transferring funds online, the state of play for online payment services is guaranteed to continue evolving over the course of the next few years.
Ensuring the highest level of safety for users, in addition to speed, competitive processing fees, and convenience, will be the priority for any business operating within the FinTech market, and we are likely to see plenty more competition between PayPal and other big-name online payment services in the future.
