Google Pay and Paypal are two financial institutions that you can integrate into your website such that users may buy products and pay with any of the two with the ease of not logging into your bank accounts frequently.
While they work in much the same way, there are variances between these services that distinguish them, and these differences play a significant role in why individuals favour one over the other.
This article will explain the many features and distinctions of the two payment applications.
- Google Pay primarily functions as a digital wallet for in-store and online purchases, while PayPal serves as a comprehensive online payment platform.
- Google Pay uses NFC technology for contactless payments, whereas PayPal requires a QR code or email address for transactions.
- PayPal offers international transactions and currency conversion, while Google Pay is limited to certain countries and currencies.
Google Pay vs PayPal
PayPal is an online payment system that allows you to make payments using credit or debit cards, bank transfers, and even PayPal balance. Google Pay is an online payment system that allows you to make payments using credit or debit cards, bank transfers, and even direct peer-to-peer payments.
Google Pay is a mobile payment technology and internet-based payment processing system created by Google to support in-app, web, and in-person cashless purchases on portable devices like mobiles and tablets, allowing users to pay with their
Android smartphones and even watches. NFC and UPI are some cousin terminologies revolving around net banking and wallet software.
PayPal, on the other hand, is a corporation that enables payments among parties through Internet transactions. Consumers can set up an account on PayPal’s system linked to their credit or debit card or bank account.
Customers may begin making and accepting money to and from other PayPal online accounts or via the company’s app after their identity and proof of money have been validated.
|Parameters of Comparison||Google Pay||PayPal|
|Launch Date||Google Pay was launched in 2015.||PayPal was launched in 1998.|
|Transfer Limits and Withdrawal Speed||The transfer limit of Google Pay is $9999 and the withdrawal speed ranges from 1 to 3 business days at most.||The transfer limit of PayPal is $10000 and the withdrawal speed ranges from 1 to 2 days at most.|
|Debit Card Fee||Google Pay allows free debit transactions and incurs no fee for this process.||PayPal incurs a debit fee of 2.9% of the debited value plus $0.30 as an additional fee.|
|Features||Google Pay rewards their users with periodic cashbacks and transaction refunds as well as vouchers from deemed e-commerce websites.||PayPal is more accepted than Google Pay globally as it enables hassle-free fund transfer worldwide. PayPal also provides vouchers and cashbacks to their users.|
|Owner||Google Pay is owned by Google.||PayPal is owned by eBay.|
What is Google Pay?
Google Pay is among the most affordable options on the table, however, costs have significantly altered since the release of the new Google Pay app.
One can no longer transfer money to relatives or friends using your credit or debit card; alternatively, one could use your bank card, about which Google Pay imposes a fee of $0.31 or 1.5 percent of the actual process.
Transferring funds from the checking account to your Google Pay account as well as vice versa, is free of charge. The max transfer value has been decreased to $5,000, with such a limit transaction value of $20,000 for each rotating seven-day timeframe.
The new Google Pay application also limits the total number of withdrawals users can perform to 30 per seven days, and you may only store up to $25,000 in the Google Pay account at whatever given moment.
Google Pay allows instant fund transfers, electronic transfers, peer-to-peer transactions, and advantages for shop gift vouchers, plane passes, and online tickets.
Certain Google Pay features are accessible on iPhones, and some are exclusive to Androids. As part of safe access, you could use your fingerprint or face Unlock to access this App.
What is PayPal?
PayPal Inc. is an American international economic tech company that operates an online payment platform in the majority of nations that enables internet transfers of money, so it acts as a digital substitute for traditional physical methods like cheques and cash withdrawals.
The firm charges a small fee to act as a payment gateway for online sellers, auction sites, and a variety of other commercial customers. It is currently owned by eBay.
PayPal has been operating for a while and does indeed have a significant advantage, particularly in international payments.
PayPal currently accepts customers from over 55 countries and can help exchange currency for hassle-free transactions. PayPal provides payment solutions to both individuals and companies.
Personal customers can purchase, pay, as well as move funds with great ease thanks to the corporation. To register an account, customers must enter an email address as well as a credit card, direct debit, or bank balance.
First, before the service may be utilized, PayPal checks all of the details to ensure that the user setting up the service is the legitimate owner.
Main Differences Between Google Pay and PayPal
- Google Pay, as the name suggests, is owned by Google, whereas the e-commerce giant, i.e. eBay, owns Paypal.
- Google Pay was launched in 2015, whereas Paypal was launched in 1998.
- Google Pay takes away a $0.3 lesser credit fee when compared to PayPal.
- Google Pay introduced the concept of e-wallet before PayPal, which was heavily dependent on direct bank transfers.
- The withdrawal speed of Google Pay ranges from 1-3 business days, whereas the withdrawal speed of PayPal ranges from 1-2 business days.
I’ve put so much effort writing this blog post to provide value to you. It’ll be very helpful for me, if you consider sharing it on social media or with your friends/family. SHARING IS ♥️
Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.