Difference Between Yandex Money and PayPal

When everything around the world is moving towards digital, why there is a need to constantly carry hot cash with us? Carrying a higher amount of cash sometimes is not safe. Hence, the safe and easiest form of payment that can be done with a click on mobile is introduced. They are Yandex Money and PayPal.

Yandex Money vs PayPal

The main difference between Yandex Money and PayPal lies in the growth of their company. Paypal is quite advanced and has a high market value in comparison to Yandex Money. PayPal also provides high-quality electronic payment services to the users while Yandex Money when compared to PayPal, provides a low-quality service.

Yandex Money vs PayPal

Yandex Money is a Russian electronic payment service providing company. It is one of the largest electronic payment companies in Russia and has ranked 2nd in Russia. The headquarters of Yandex Money is situated in Moscow, Russia. It provides services to two types of clients who are individual users of the application and business persons.

PayPal is an American multinational company providing electronic payment services all over the world. It allows the users to send or receive money to friends, family, or for business purposes. The headquarters of PayPal is situated in California, United States. The company has ranked as one of the top 50 largest US corporations in terms of the revenue earned.

Comparison Table Between Yandex Money and PayPal

Parameters of ComparisonYandex MoneyPayPal
MeaningYandex Money is a Russian company providing the service of electronic payment.PayPal is an American company providing the service of electronic payment.
Market shareThe market share of Yandex Money is quite low in comparison to PayPal.PayPal is one of the leading top 10K sites and has a high market share.
Geographical locationsYandex Money is quite restricted in terms of geographical locations.PayPal is widely used in every part of the world.
Website coverageYandex Money is below PayPal in terms of website coverage.PayPal has a better website coverage in comparison to Yandex Money.
CostYandex Money is free of cost and does not require any charge to be paid.PayPal provides free services but charges for commercial transactions.

What is Yandex Money?

Yandex Money is a Russian electronic payment service company founded on July 24th, 2002. It provides electronic payment services to shopping bills, business transactions, or some other everyday spending. It allows us to send or receive money without requiring us to visit banks or fill up the bank formalities. Hence, it saves time and energy.

The advantage of Yandex Money is free of cost. The users of Yandex Money need not pay any charge to the application for sending or receiving money. In addition to this, it gives us bonus points for each transaction we make and while making any purchases, those bonus points will be given us a discount on our total payment. Hence, it saves a lot of money economically.

Yandex Money is one of the largest companies in Russia and it has been used by millions of users in Russia, Europe regions, etc. However, the service of Yandex Money is not extended to all parts of the world and is restricted in terms of geographical boundaries. They have comparatively less website coverage.

Yandex Money requires us to sign in and create an account which will include verifying our ID and some other procedures. Once registered, you can send or receive money to any corner of the world with a click on your mobile

What is PayPal?

PayPal is an American electronic payment service providing multinational company founded in December 1998. It offers us the service of sending, receiving, or transferring anything of monetary value with friends, family, business partners, or to any person situated at any corner of the world. PayPal is one of the largest US corporations and one of the leading sites all over the world.

PayPal requires the users to verify their ID, link their bank account, and create an account. Once the user is signed in, you can make any transaction from anywhere to anywhere in the world. PayPal does not charge any fee for individual transactions but charges a small amount for any business or commercial transactions.

PayPal is user-friendly and is easy to use without any technical difficulties. It has high-level security protection so that no third parties can make transactions from our bank account without our consent. PayPal ensures that our bank details and information is safe and does not reveal vital information to any other users or third parties.

However, for instant transactions, PayPal charges a 1% fee of the total amount. Hence, PayPal is one of the best websites created for making electronic payments or money transactions.

Main Differences Between Yandex Money and Paypal

  1. PayPal is used all over the world by millions of users while Yandex Money does not provide service to all the parts of the world and is quite restricted.
  2. PayPal has better website coverage than Yandex Money since PayPal has many websites for making transactions that are used by numerous users.
  3. Yandex Money is quite cheaper in comparison to PayPal as PayPal charges a higher fee on business and instant transactions.
  4. PayPal is quite advanced and has many outstanding features like providing bonus points and discounts in comparison to Yandex Money.
  5. PayPal has better security protection in comparison to Yandex Money.

Conclusion

Both Yandex Money and PayPal are two of the best electronic payment service providing company that saves a lot of time and money for the users. Both of these applications make it possible to send or receive money to a person situated anywhere in the world without charging a high fee. It also saves the users from carrying a higher amount of hot cash which may be unsafe.

Both Yandex Money and Paypal require us to create an account and verify our identity for security purposes. They maintain the privacy of the users and have high-level protection over the bank details.

References

  1. https://link.springer.com/chapter/10.1007/978-1-4302-0353-7_1
  2. https://interactive-plus.ru/e-articles/56/Action56-529640.pdf
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