ZellePay and PayPal are both major online payment or cash transaction methods that could be done at our comfort. These transactions might only require a laptop or a phone to carry out the payment.
With the click of a button, and necessary bank details added to the phone along with the mobile number, money can be transferred without much hassle.
ZellePay vs PayPal
The main difference between ZellePay and PayPal is that while PayPal has a well-defined and prominently used wallet option which seems to be absent in the case of ZellePay. PayPal’s method of online transaction is an internationally available option to pay the user’s peers, ZellePay is not internationally recognized. It is available only in a few selected places.
ZellePay was started with a different name in its initial stages to flourish over the years with more people opting for this specific model of online payment. More commonly used by students or for transactions to be done from peer to peer, this seems to be the easiest mode. It has a business expanding strategy of having a partnership with other financial business units.
PayPal had been one of the oldest existing online transaction forms. It had been acquired and taken over many times since its establishment in the 1990s. Later on, PayPal had taken over other companies in a way to expand their business reaches and have a flourishing marketplace. Internationally, PayPal is the most iconic and accepted payment mode by the app being downloaded by users worldwide.
Comparison Table Between ZellePay and PayPal
| Parameters of Comparison | ZellePay | PayPal |
| Year of Establishment | 2011 | 1998 |
| Partnership with Financial Institutes | Yes | No |
| Can Payment be Made Through Web Browser | No | Yes |
| Details of the Receiver to Be Entered | E-mail ID and mobile number | Name, E-mail ID, and mobile number |
| Wallet Option | No | Yes |
What is ZellePay?
ZellePay came into its establishment in 2011. At the time of its newly announced public release, it had been called clearXchange.
After much speculation and during an up gradation in 2017, the company board decided to change the name into something more pronounceable.
The new name came about to be ZellePay.
Unlike most other online money transaction apps and sites, ZellePay spent a lot of time creating contacts with other financial institutions.
These contacts eventually turned into partnerships with those institutes which were majorly from the US.
With the help from other financial resources and having acquired partnerships with them ZellePay had been able to expand its reach.
They started connecting their payment modes to the apps provided by such financial leads thereby increasing customer recognition.
Though it has all the surety and safety requirements that a customer needs to carry out their transactions, ZellePay does give customers a few safety precautions.
While using ZellePay from other apps, customers are asked to carry out transactions only with people they know and are confident about.
A customer can avail ZellePay services either via their Zelle app or through the customer’s bank-linked bank app.
This can differ from one bank to another.
International payment is not possible with ZellePay. Their transactions are limited to a specific area.
Each area covered by ZellePay can only allow transactions within.
Today PayPal has over 320 million users as of 2021 who keep using it for payments to their friends and family and other personal payments.
Online shopping also becomes possible with the help of PayPal becoming a favorite for regular online shoppers.
The only thing the users need is either a laptop or a phone that has a proper internet connection.
The payments are made via the app of PayPal or even through a web browser.
The operational mode and app features differ in both.
The payments made by ZellePay are through the debit card of the user or directly through the bank account connected to ZellePay in the user’s name.
There are no service charges that ZellePay asks from the user but the bank might charge the customer an additional charge.
Shopping platforms like eBay provide the necessary facilities to the users to cover their transactions via the PayPal method.
References
- http://www.journals.linguisticsociety.org/proceedings/index.php/PLSA/article/view/5042
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ucdbulj16§ion=14