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Since the arrival of cryptocurrencies onto the global finance stage, PayPal’s (PYPL) general market perception seems to have
This is perhaps best highlighted by the fact that the company’s stock fell to itslowest levelssince early 2018 after the firm released second-quarter results a couple of months back.
To be a bit more specific, we can see that during April this year, PayPal’s executive brassforecastannual revenue growth of around 16% – 17% for the company. However, within just 90 days of releasing their report, the firm changed its tune and brought down its annual growth target close to the (% mark.)
Additionally, it bears mentioning that a number of users of the premier payments platform have recently taken to the company’s community page to express theirgrievancesregarding the firm’s use of incorrect exchange rates to facilitate their international (as well as cross-currency) transactions.
In this regard, ascreenshotfrom PayPal’s community portal started to do the rounds across various social media websites last week. The image shows PayPal providing one of its users with an exchange rate of 0. 87462 EUR per US dollar – when, at the same time, the official rate on Google stood at 0. 91 EUR (per dollar).
So messed up for@ PayPalto charge a 4% fee on the$ EURto$ USDexchange. This is why# Bitcoinwill destroy your business. It’s on’y a matter of time:pic.twitter.com/PnSHSr9rfX
– Tone Vays [Bali – Financial Summit] (@ToneVays)September 2, 2019
How Customer Friendly is *** PayPal Really?
The payments market has been flooded with a number of companies ( ie, Apple Pay, Stripe, Shopify and Payoneer) that are providing customers with fee rates that are at par, if not better, than what PayPal is offering right now.
For example , Square, a California-based firm headed by Jack Dorsey, offers its users free access to its platform, whereas PayPal Pro charges its users a flat $ 30 monthly fee. Secondly, the Square Cash platform comes pre-built with certain features that seem to be missing from PayPal – for example, Square provides its clients with free use of its virtual terminal and recurring invoice features.
Crypto vs PayPal
On paper, this debate seems to favor crypto quite heavily, primarily because this novel asset class minimizes many of the processing charges / fees that are inherent with centralized financial platforms such as Paypal, Amazon Pay, WePay, etc.
Here’s an interesting comparison of various payment gateways (Traditional vs. Crypto) like PayPal, Stripe, Square vs. Coinbase, CoinGate, BitPay and others👇🏼# Crypto# bitcoin@ sqcrypto@Square@ stripe👈 When Crypto?@ PayPal👈 When Crypto?@ coinbase@ CoinGatecom@ BitPay🚀pic.twitter.com/oMf1p (EDK) ***********
– Niffler.co (@Niffler_co) (May) , 2019
However, owing to the volatility of this burgeoning sector, a lot of people are still a little hesitant to use cryptocurrencies like bitcoin or Ethereum for their everyday payments and monetary transactions. Additionally, a lot of peopletend to viewbitcoin as a long term Store of Value (SOV) rather than an everyday transaction medium – as a result of which, they avoid using the flagship crypto-coin for
Last but not least, it is worthpointing outthat for the second time since its inception, Bitcoin’s annual transaction volume surpassed that of PayPal’s. To be a bit more specific, in 2018, users all over the world facilitated monetary transactions worth $ 3.4 trillion using BTC – a number that completely overshadows PayPal’s associated figure of $ 57 Billion. However, Visa stillleads the roostwith an annual transaction volume of $ 11 .2 trillion, while Mastercard trails in second place with $ 5.9 trillion.
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