When it comes to online payment solutions, PayPal is most definitely the daddy. Already practically ubiquitous online, it continues to grow rapidly. In the first quarter of 2013, PayPal’s revenue increased by 18 percent to $1.5 billion, with active registered accounts increasing by 16 percent at 128 million (TechCrunch).
One of the major reasons for PayPal’s growth is its ease of use. Anyone with a valid email address, credit or debit card can make payments and businesses don’t need to have a merchant account with a bank to use it. It is also highly secure, and having been acquired by ecommerce giants eBay in October 2002 didn’t hurt its rise to world domination either.
Just because something’s big and popular doesn’t mean it’s the best though. Justin Bieber is unquestionably hugely successful right now. However, unless you’re a hormonally challenged teenage girl it’s unlikely you consider him one of the all time greatest singers who have ever lived. And just like Bieber will no doubt one day be supplanted by another young pop star with a trendy hairdo and an (alleged) overinflated sense of self-worth, PayPal is now seeing an increasing number of young upstarts challenge them for the throne. Continue reading 5 online payment solutions not named PayPal