We live in an extremely fast-paced world these days. The dawn of smartphones resulted in increasing the agility of life. From calling our loved ones to browsing the Internet, we can accomplish all this in the blink of an eye. To ease our lives even more, the concept of smart or online payment has emerged in the last few years. This allows users to deliver their money in any part of the world in just a few clicks. We truly could not live in any more advanced times. People prefer to use these applications because they do not have to go to different banks or keep their money physically with them. The chances of losing or being robbed with that amount becomes minimal.
Such online money transferring applications are commonly known as E-wallet. Many different applications in the digital market allow users to send money across the world. PayPal and Google Wallet are two of the most commonly used applications to send money digitally worldwide. These applications are relatively safe and secure. Developers spend a lot of time vigorously to ensure that these applications do not have any loopholes in their security to ensure that the hackers steal no money.
If you open the Google or Apple Play Store, you will see that there are many options for you to choose from. To save your time, here is a detailed review on PayPal versus Google to determine which one is better. This blog will make the decision making process easier for you.
PayPal Vs Google Wallet
Before we dive into their differences and decide which one to choose, let us have a look at what they are and how they function.
1) Google Pay
As discussed above, Google Pay is an E-wallet that is tied with your Google account. The name in itself implies that Google developed this application. Its predecessor was commonly known as Google Wallet. Most people use these terms interchangeably as they imply the same thing. People use Google Pay to send or receive money from different accounts. Moreover, you can make payments within an app to purchase different things with this application. Even some restaurants and stores accept payments through Google Pay.
How It Works
One of the best things about Google Pay is that it is very easy to use. And by easy, it literally means that you have to enter the amount of money that you want to send and the phone number or email address of the recipient and click on one button. And, voila, your transactions are done. There are no hidden fee or charges associated with Google Pay. The transactions are quick and tax-free. You can add as many recipients in your transaction list without additional costs.
Initiating Google Pay Accounts
The process of installing Google Pay is straightforward. In your Apple Store or Google Play Store, search for the application. Start the installation once you find it. When the installation finishes, add your details such as phone number, credit card number, debit card number, and other important information. Do not fret for the safety of the details that you have entered in the E-wallet. The application is safe to use.
Pros and Cons of Google Pay
This table represents the pros and cons of using Google Pay for monetary transactions.
|All the major banks in the U.S. support it. Bank Cards are easily added to the application. It enables users to make hundreds of in-app purchases. The app has a lot of security.||Many stores do not accept Google Pay. There have been several breaches to its security. It only works on NFC technology. Transactions are dependent on your device.|
If you have ever worked on an online platform, chances are that you interacted with PayPal. From buying goods to services, the services of PayPal for monetary transactions are used everywhere. It is one of the most popular applications. PayPal was introduced to the world almost 20 years ago. You must have observed while browsing the Internet that many websites that involve the process of payment are often affiliated with PayPal. That is because this application is very efficient and reliable in terms of transactions.
How it Works
The process of PayPal is quite similar to Google Pay. Through a secure account created on the application or website, you connect your debit or credit card. There is an option to add the account number for those who are not comfortable in sharing their credit or debit card numbers as well. If a user wants to provide all three, they can easily do that and choose a default transaction method that is always utilized in the future.
PayPal does not charge any extra or hidden amounts on the transactions. However, it is important to remember that if the payments are made internationally, the conversion fees are applied accordingly. On a personal basis usage, there are no hidden charges whatsoever. This is why people love to use PayPal for their everyday transactions. EBay is one of the most common businesses that utilize and harness the power of PayPal.
Initiating PayPal Account
You can create a PayPal account by simply going on their website. There is an option to Sign-Up in the top-right corner. Choose the kind of account you want and fill out the required details. Once your phone number and other bank details are verified, you are free to use the PayPal account as you please.
Pros and Cons of PayPal
This table represents the pros and cons of using PayPal for monetary transactions.
|It is very easy to use. The interface is user friendly. PayPal can help the users in getting their money back if they fall for a fraud while using the application. No additional or hidden charges are imposed on transactions.||Business transactions have an additional fee. Bank transfers take time if you want it to be done instantly, there are some charges to it. Account freezes are quite common and their policies regarding them are strict.|
PayPal Vs Google Wallet
We have discussed every aspect of both PayPal and Google Wallet in detail above. With a clear picture in mind, here is a comparison between these two applications:
|1. It was created in 1998.|
2. It has 3 different methods of payment i.e. credit and debit card as well as bank accounts.
3. Transfer limit is up to $9,999.
4. It is compatible with iOS, Android, and web.
5. There is a 2.9% debit fee involved.
6. Withdrawals take 1-2 days.
|1. It was created in 2015.|
2. It also has 3 different methods of payment i.e. credit and debit card as well as bank accounts.
3. Transfer limit is up to $10,000.
4. It is also compatible with iOS, Android, and web.
5. There is no debit fee involved.
6. Withdrawals are completed in 3-4 days.
Choosing between PayPal and Google Wallet to complete any financial transactions entirely depends upon the user requirements and constraints at hand. In the discussion above, there is every detail present about PayPal Vs Google Wallet. Through it, your decision making process is facilitated.
Here are some answers to the most frequently asked questions:
Is Google Wallet Better than PayPal?
In terms of additional debit charges, Google Wallet is better than PayPal. But in terms of secure services, PayPal is better.
How Long Does Google Wallet take to Transfer Money?
Withdrawals can take up to 3-4 days to complete.
Can You Send Money From Google Wallet to PayPal?
No, these two applications are not interoperable. This is why you must use a third party app as a medium to send money from Google Wallet to PayPal.