Comparing Paypal vs Digital Wallets

 

Paypal is a major force on the internet, by far the most popular online money transfer service, but now, new players are bursting onto the scene to offer cheaper, less restrictive services. Digital wallets allow you to add and withdraw funds from an online account, and use your account to pay bills, transfer money and shop online. For international transfers, these companies are a fast, safe way to move money around across borders, and thanks to a range of withdrawl methods, digital wallet services are replacing traditional wire transfers from companies like Western Union.

About Digital Wallets

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PayPal allows any business or consumer with an email address to securely, conveniently and cost-effectively send and receive payments online. Our network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution. We deliver a product ideally suited for small businesses, online merchants, individuals and others currently underserved by traditional payment mechanisms. Payza is the leading global online payment platform that specializes in e-commerce processing, corporate disbursements, and remittances for individuals and businesses around the world. The e-wallet platform provides Payza members worldwide with convenient and flexible loading and withdrawal options, such as localized bank transfers, global bank wires, credit/debit card, checks, prepaid cards, among others.
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First there was bartering, then there was coinage, and of course paper tender followed with checks right behind. Finally, there was the plastic credit card. The way we exchange value for goods has always evolved, so why should the 21st century be any different?With Dwolla, you can use your phone, computer, as well as your social networks and physical locations to send and receive cash, for the cheapest price and the most convenience Amazon WebPay allows users to send, receive, and request money from other users from the Amazon Payments website. It’s a cost effective, rapid service, backed by one of the largest companies in the world. It is new and currently has only very basic features when compared to the other companies in this comparison. Nevertheless it is growing in popularity very rapidly.

 

Digital Wallets Comparison

Paypal Payza Dwolla Amazon Payments
How can I fund my account?
Bank Transfer
Credit/Debit Card
Check/Money Order
How can I withdraw funds?
Cash
Bank Account
Credit/Debit Cards
Prepaid Credit Card
Check
What’s the cost of sending US dollars?
Add Funds Fees
None Check/Money Order FreeCredit Card 3.50%Prepaid Card Free None Listed None
Foreign Exchange Fees
0.4% to 4.9% 2.5% N/A None
Transfer Fees
2.9% + $0.30 $5 for less than $500$10 for more than $500 Free for less than $10$0.25 for more than $10 None
Withdrawl Fees
NoneCheck – $1.50 Check – $4Prepaid Card – $1 None None
What are the key facts?
Add Funds Times 5-7 days Bank Transfer 4-6 business daysBank Wire 2-4 business daysCertified Check / Money Order 2 business days

Credit / Debit Card Instant

3-4 Days 5-7 days
Transfer Times Instant Instant Instant Instant
Withdrawl Times Bank Transfer 5-7 days Bank Transfer 4-6 business daysBank Wire 2-4 business daysCheck 1-3 weeks

Payza Prepaid Card 2-4 business days

2-3 days 5-7 days
Reliability Rating 90.00% 95.00% 80% 100%
Transfer Limits Varies according to country and personal circumstances. $50,000 $5000 $500 per month.
Countries Covered 190 197 1 1
Number Of Currencies Supported 24 21 1 1

Digital Wallets Notes

Costs above relate to US dollar transfer to US locations. Rates for other currencies and country combinations vary, these figures are intended as a guide only.

Fees, limits and other transaction criteria will vary according to your personal circumstances, country and transaction history. Providers can be flexible, especially when you are able to verify your identity and build up an account history.

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