So why are they closing it now? PayPal say that "This action will allow us to sharpen our focus on more specialized money raising services" which doesn't really tell us anything. My guess is that it simply wasn't used that much or driving significant revenues.
Collection Pot is a Paypal Money Pool alternative. But it's also an improvement. We know that getting people to part with their money for a group collection can be tough work so the process of collecting needs to be super simple – and something that everyone, from your grandma to your boss, can access and use.
PSA: PayPal doesn't offer money pools anymore
In November 2021, PayPal shut down its money pools.
Among the factors driving the industry's woes include growing dissatisfaction among merchants. Thousands of businesses have, at some point, experienced issues with fintech payment processors, particularly with fraudulent chargebacks and accounts frozen without explanation.
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Google Pay enables quick and simple payments between people, and stores any number of bank accounts and credit cards at the same time. The mobile payment app could even make cash superfluous in the future – replaced by cashless payment via mobile phone.
Stripe offers both online and in-person payment options. While PayPal's card transaction fee is 2.99%, plus a 49-cent fee, Stripe's 2.9% plus 30 cents per card transaction fee makes it a better option for budget-conscious businesses.
Amazon Pay
Transactions are safe and secure, and everything can be tracked with an Amazon account. Amazon Pay accepts credit and debit cards.
Furthermore, PayPal's account growth has virtually ceased. The fintech had 432 million customers at the end of the quarter, representing a QoQ growth rate of less than 1%.
PayPal is hardly in danger of becoming obsolete, but it will see its dominance in mobile payments chipped away as: 1) Google transforms Google Pay; 2) Buy Now, Pay Later gains traction in the US; and 3) in-network payment adoption and use grows.
Credit/debit card
As we've explained, credit and debit cards are at the base of most modern e-commerce payment methods.
It depends on how you expect to use your account, and the type of transactions you'll likely make. Google Pay has a lower fee for debit card transactions compared to PayPal, which may edge it ahead if you're anticipating funding payments that way.
Don't link your PayPal account to your bank account or debit card account. "If your PayPal account is compromised, it's money taken directly out of your bank account.
1. Credit cards. The most familiar form of online payment is also one of the most secure payment methods. Credit card transactions are encrypted, which means the details are jumbled up and encoded.
Pay using a credit card. You'll have more protection. Or use online services such as PayPal – so scammers can't get hold of your bank details.
A new study by Capital on Tap looking into the Rise of Digital Wallets, analysing how they are becoming the main source of transactions around the world, finds that cash could be the least used method of payment by as early as 2022.
Apple isn't a threat to Block and PayPal (yet)
Apple's new Tap to Pay feature might initially seem like a threat to Block and PayPal, but it will actually only impact their tiny hardware segments. Block and PayPal's core businesses should remain largely unaffected, since Apple Pay targets a completely different market.
PayPal (PYPL) - Get Free Report is in trouble. The financial services platform has been in a major decline since the beginning of the year. Its stock price has fallen 52.2% since January. The market value has decreased by nearly $114 billion during that period to $104.3 billion.
PayPal stock forecast 2022-2025, 2030
Wallet Investor was bearish on PayPal's future stock price, saying: “PayPal Holdings Inc stock is a bad long-term (one year) investment.” As of 27 October, Wallet Investor in its PayPal's stock forecast for 2022 expected it could drop to $48.445 in December 2022.
PayPal competitors include Square, Fiserv, Mastercard, Stripe and Apple. PayPal ranks 5th in CEO Score on Comparably vs its competitors.
Pay in 3 doesn't appear as an option within my PayPal wallet. Why not? This will be because you're not eligible for Pay in 3 right now. Eligibility is based on your circumstances and is entirely down to PayPal.