Top 10 Paypal Competitors In 2023

PayPal is a platform for digital payments that was created in 1998 under the name of Confinity by the technology entrepreneurs Peter Thiel and Max Levchin in California, United States. In 2001, it changed its name to what we currently know. Today, it is a company with 23,200 employees that generates annual revenues of $ 17.8 billion.

The service allows users to make online transactions through mobile devices, apps or in person. Its goal is to offer the best ways to manage money, as well as flexibility for sending and withdrawing payments and collections. It allows merchants and consumers to manage money in any part of the world.

PayPal has 305 million active accounts, where 281 are consumer active and 24 million are merchant active. It is available in 200 markets worldwide, managing transactions in 100 different currencies. In 2019, 12.4 billion payment transactions were completed via PayPal, totaling $ 712 billion.

PayPal Holdings owns different services and platforms like Braintree, Venmo, and Xoom. In 2019, it completed the acquisition of Honey Science Corporation by $ 4 billion. Adding this service for sales and rewards, it seeks to simplify and personalize the consumer experience. Besides, it operates PayPal Credit and iZettle.

Among PayPal’s advantages, its payment solutions are recognized and accepted by merchants, products are safe and simple, and it allows merchants to connect with their customers and manage risk.

NAME PayPal Holdings, Inc.
STATUS Public Company of NASDAQ
INDUSTRY SECTOR Digital Payments

Paypal similar companies:

Google Pay, Stripe, Square, Venmo, Payoneer, Shopify Payments, QuickBooks Payments and Skrill.

How the company makes money


The main source of income is charging users fees for completing payment transactions and other payment-related services. Fees are based on the volume of activity processed by the Payments Platform. The revenue is obtained from the fee charged to customers for the exchange of foreign currency and instant transfers from their PayPal or Venmo account to their card or bank account and the interest of the PayPal Credit product.


In addition, PayPal operates other value-added services through partnerships with other brands. They include PayPal merchant and consumer credit product, subscription fees, gateway services and others that provide merchants. Payflow Gateway service and Braintree Gateway are examples of this kind of services, which provide the technology to connect the merchant’s site with their processing networks and allow them to accept online payments with credit and debit cards.

GOOGLE PAY        

Google Pay is the virtual wallet introduced by Google in 2017 to offer a simple and easy way of paying using a credit card already registered at the user’s Google Account. The platform protects the user information and facilitates the sending of money between friends and family, as well as the ticket and cash in rewards storage. The service works in PC, tablets, and smartphones Android 5.0+ and iOS 8.0+. It is already available in 35,00 cities of India, Australia, Canada, Japan, Russia, Singapore, Ukraine, the UK, and the US.

Google Pay has 67 million monthly active users and has made more than 2.5 billion transactions valued $ 110 billion. It is available in 200,000 stores and 2,700 online merchants. The platform does not charge any fee to users and yet, is not generating any income for Google.


WePay is a payment processing service for online platforms and marketplaces, that was created in Boston, USA, in 2008 by Bill Clerico and Rich Aberman. In 2017, it was acquired by JP Morgan for $ 400 million and since then, it tripled its employee base that today reaches 300 people. It is headquartered in Redwood City, California, and generates annual revenues estimated in $ 75 million.

WePay helps businesses to receive payments easily through daily use software and apps. It works with different eCommerce and traditional companies, it has more than 1,000 partners using its API and 500,000 merchants that use the platform. Since it started, it has processed more than $ 1.5 billion in payments.


2Checkout is a payment service that started in the United States in 1998 and, in 2017, it merged with the eCommerce platform Avangate, which attended software companies and was owned by Francisco Partners. Since then, it became an all-in-one platform for monetization with payment flexibility and global reach.

The service is available for dozens of thousands of merchants worldwide. Currently, it has more than 17,000 clients and four global offices where it employs 300 people. Its annual revenues are estimated at $ 65 million.


is a platform for electronic payments that was founded in 1996 by Jeff Knowles in Utah, USA, with the goal of attending small businesses. In 2004, it already attended 90,000 clients and three years later it was acquired by CyberSource. In 2010, it became part of the Visa group for payment processing in North America.

The service allows merchants to accept electronic payments and through credit cards and in person, online or by phone. Today, it attends 430,000 merchants and completes 1 billion transactions annually for a total volume of $ 149 billion. As part of Visa’s added value services segment, its annual revenue is estimated at $ 1.3 billion.


Skrill is an international money transfer service that was created in England in 2001 and was officially released in 2008. In 2015, it was acquired by Paysafe Group at $ 1.08 billion. Today, it has offices in London and New York, and it is available for users in the US and Europe that require payment processing in different currencies. With more than 700 employees, its annual revenues are estimated at $ 261.1 million.

Skrill’s advantages rely on the easy use and that it allows transactions in multiple currencies. Besides, it is a safe site and accessible for a low cost. Its goal is to simplify payments for online purchases, attending online merchants and POS businesses.


Intuit is an American tech company that develops and commercializes software for finances, accountability, and tasks for small businesses. Headquartered in Mountain View, California, it was created in 1983 by Scott Cook and Tom Proulx, and public since 1993. Currently, it has 20 locations in nine countries and employs 9,000 people, with annual revenues of $ 6.8 billion.

Its brand for electronic payments is called Quickbooks and allows to send and receive payments with credit cards and bank transfers, as well as taking payments by phone from anywhere. It has a free mobile card reader that helps merchants to accept credit and debit cards and get payments in real-time.


ProPay is a provider of payment security solutions, that was created in the United States in 1997 and belongs to the TSYS group. With offices in Orem, Utah, it has close to 100 employees and revenues of $ 35 million.

Its solutions allow companies to accept and receive payments, guarantee data security, facilitate credit card transactions, as well as mobile technology. It allows you to pay commissions and divide payments among multiple users. In addition, the company educates the markets on the sensitivity of credit and debit card information.


Dwolla is an online payment platform that allows users to move large amounts of money. It was founded in the US in 2008 by Ben Milne and Shane Neueburg with the goal of simplifying payments and reception of money without having to use credit cards or checks. Headquarters are in Iowa, and it has about 75 employees. It is a private company that generates annual revenues estimated at $ 10 million.

The platform facilitates the movement of millions of dollars every day with low transactions fees, easy automation and high reliability. Besides, it allows users to verify their identity inside the vendor’s app without having to use a third-party platform.


 Payoneer is a financial services company that allows online money transfers and digital payments. It was founded in New York City, where its headquarters are currently located, in 2005 by Yuval Tal and other private investors. It is available in 35 languages, it has 21 global offices and employs 1,500 people. Currently, it has 4 million clients and its annual revenues are around $ 117 million.

Payoneer enables many businesses and freelancers from more than 200 countries and territories to connect with each other and generate income across borders. Its solutions are fast, flexible, safe and low cost. In addition, it has long-term strategic agreements with different job sites for freelancers like Upwork and marketplaces like Amazon and Airbnb.


Amazon Pay is the payment processing service launched by Amazon in 2007, which uses’s consumer base and seeks to give them an option to pay with their user accounts in different external markets. This platform replaced Amazon Payments and Pay with Amazon, as well as previous Checkout by Amazon and Amazon Simple Pay services for digital products. In 2017, the group announced that more than 33 million customers had used the Amazon Pay service to make purchases.


The top 10 PayPal competitors are: Google Pay, WePay, 2Checkout,, Skrill, Intuit, ProPay, Dwolla, Payoneer, and Amazon Pay. Together they have raised over $ 16.8 billion between their estimated 932,867 employees. Paypal has 23,200 employees and is ranked 1st among its top 10 competitors. The top 10 competitors average 93,286 employees.


Google Pay Send 2015 San Bruno, CA, USA 103.4 K
WePay 2008 Redwood City, CA, USA 275
2Checkout 2006 Atlanta, GA, USA 300 (Visa) 1996 American Fork, UT, USA 19.5 K
Skrill 2001 London, UK 717
Intuit 1983 Mountain View, CA, USA 9 K
ProPay 1997 Lehi, UT, USA 100
Dwolla 2008 Des Moines, IA, USA 75
Payoneer 2005 New York, NY, USA 1.5 K
Amazon Pay 2007 Seattle, WA, USA 798 K

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