8/12/2023 0 Comments Paypal number of users![]() ![]() PayPal is a global online payment processing technology. However, PayPal is not heavily focused on the peer-to-peer payment market. Available in 203 countries and 26 currencies, it’s an international favorite. PayPal is one of the biggest names in the fintech space with a wide range of offerings–from PayPal Invoicing to PayPal Working Capital. Venmo also offers users the ability to set a PIN code for access to the mobile app. All of them use data encryption to protect users against unauthorized transactions and store users’ data on servers in secure locations. However, while Zelle may appear more secure, applications like Venmo and PayPal are just as secure. This alone wins over the users trust and they know their information and money is in a safe place. Bank of America, Chase, and Capital One). The app is embedded into the already existing mobile banking apps of participating banks (i.e. Zelle, being a bank-backed app, clearly has the competitive advantage here. If the application can’t build trust among its users, it won’t be around for long. One of the biggest concerns with mobile payment applications is the security. Although fairly new to the market, the bank-backed application has leapfrogged the early stages of adoption. Ravi Loganathan, head of research at Zelle, explains: “The financial institutions themselves are offering Zelle, and it is going across generations–not just millennials, but Gen Xers and Boomers.” While Venmo has heavily targeted the millennial population, Zelle aims to target all age groups by teaming up with banks.Īccording to a report from eMarketer, Zelle may overtake Venmo users later this year, growing by more than 73%. Zelle, the newest member to join this competitive marketplace, has gained some traction among individuals who had never downloaded Venmo. It was a no-brainer for millennials to download this application and start splitting grocery bills and rent with ease. Growing financially independent in a society where digital applications influence a large majority of our daily tasks, Venmo capitalized on the opportunity and timed their go-to market quite perfectly. Venmo, a subsidiary of PayPal, gained explosive popularity among the millennial population. This alone, marked PayPal as a top player in the field and made it the clear favorite. PayPal became the most popular payment method on eBay and it was also the default choice. Shortly after it’s IPO, PayPal was acquired by eBay (2002), only to become a spin-off of eBay several years later (2014). PayPalhas proven to be the trusted source for online payments over the last 20+ years. Let’s take a look at three of the most popular apps–Paypal vs Venmo vs Zelle–and see who comes out the winner. Just last year, P2P transactions exceeded $120 billion. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.T he peer-to-peer payment app war is growing fierce. The use of P2P (peer-to-peer) payment apps is expected to grow by double digits across all age groups through 2021. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. ![]() ![]() ![]() Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. ![]()
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