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PayPal vs Paytm: What are the differences?
PayPal and Paytm are two popular online payment systems. but they have several key differences that set them apart. Let's explore them:
Operational Scope: PayPal is a global payment platform that operates in multiple countries and currencies, allowing users to conduct transactions with people all over the world. On the other hand, Paytm primarily caters to the Indian market, focusing on domestic transactions and users.
Mobile Wallet vs. Bank Transfer: While both PayPal and Paytm offer mobile payment solutions, Paytm has a stronger emphasis on mobile wallets. Paytm users can store money in their mobile wallets and use it directly to make purchases and pay bills. PayPal, on the other hand, is more focused on facilitating secure online payments and money transfers between bank accounts or credit cards.
Integration with Retailers and Merchants: PayPal has been widely adopted by e-commerce platforms, marketplaces, and online retailers, making it a popular choice for online shopping. Many websites and services offer PayPal as a payment option, providing convenience and security for customers. Paytm, on the other hand, has integrated with various merchants and retailers in India, allowing users to make payments directly at physical stores using the Paytm wallet QR code or UPI facility.
International Currency Conversion: PayPal supports multiple currencies and automatically converts them during transactions, making it convenient for users dealing with cross-border payments. Paytm, on the other hand, primarily deals with Indian rupees and does not offer extensive currency conversion capabilities.
Additional Services: PayPal offers additional services such as PayPal Credit, which allows users to make purchases and pay them off over time, and PayPal Here, a mobile point-of-sale system. Paytm, on the other hand, provides services beyond payments, including recharges, bill payments, and booking flights, hotels, and movie tickets, making it a more comprehensive platform for various needs.
User Base and Market Presence: PayPal has a large global user base and is widely recognized and accepted by merchants across borders. Paytm, while primarily focused on the Indian market, has established a significant presence in India and is widely used by individuals, merchants, and service providers within the country.
In summary, PayPal provides a global payment platform with a focus on online transactions and international currency conversion, while Paytm primarily caters to domestic users through its mobile wallet system and offers additional services beyond payments.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
Pros of PayPal
- Most known service196
- Consumers know it135
- It's available for many countries113
- Easy70
- Best way to get paid outside US54
- Most widely used payment processor35
- Express Checkout25
- Consumers trust it16
- Flexible and secure15
- Digital Goods for Express Checkout6
Pros of Paytm
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Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1