There’s no denying the fact that technology has brought massive changes to the world. Gone are the days when people used cash, cheques, debit, or credit cards to make transactions.
Payment apps and mobile wallets have become the novel method to make payments for millions of people across the globe. YouTrip and PayPal are two companies that allow people to make such payments hassle-free.
YouTrip vs PayPal
The main difference between YouTrip and PayPal is that YouTrip is a multi-currency wallet made for people who travel frequently. The company is based in Singapore, Hong Kong, and Thailand. On the other hand, PayPal is a multi-currency online payment system that is made for everyone to use. The company is based in America.
YouTrip is Singapore’s first travel wallet that enables people to make online transactions easily. People can pay in above 150 currencies, that too without being charged with any extra cost. This attracts users who travel a lot as they can easily make payments without having to look up pesky exchange rates.
PayPal is an American multi-currency online payment system that allows people to make monetary transactions online. Online vendors, businessmen, and other commercial users can use this app as a payment processor. For this, PayPal charges a certain amount of fee. The company even offers fraud prevention around the clock.
Comparison Table Between YouTrip and PayPal
| Parameters of Comparison | YouTrip | PayPal |
| Company | YouTrip is a multi-currency travel wallet that helps people make online transactions easily. | PayPal is a multi-currency online payment system made for people who make small or big online transactions every day. |
| Founded | The company was founded in the year 2016. | The company was founded in the year 1998 when it operated under the name ‘confinity’. |
| Device | The YouTrip application can be downloaded and used on any mobile phone. | PayPal can be used on mobile phones, tablets, and even on Windows PCs. |
| Users | YouTrip is a popular application for those who like to travel frequently. | PayPal is a popular application among those who prefer to make everyday transactions online. |
| Headquarters | YouTrip is based in Singapore, Hong Kong, and Thailand. | PayPal has its headquarters in San Jose, California, U.S. |
| Area of Operation | YouTrip works at any point in Singapore where Mastercard is accepted. It also works in other countries worldwide. | PayPal is an app that works in almost every country across the globe. |
What is YouTrip?
Youtrip is a travel wallet that can be used for over 150 different currencies. It is an application that allows people to make online transactions easily. The aim of the company was to help frequent travellers who lose a lot of money while making foreign transactions using banks. Moreover, users do not have to go through the trouble of researching exchange rates.
The company was founded in 2016 by Arthur Mak and Caecilia Chu. It has its headquarters in Singapore, Hong Kong, and Thailand. The app operates over the Asia-Pacific region, however, most of its traffic comes from Thailand. The private company is operated by You Technologies Group.
The YouTrip application can work on any android, windows, or IOS mobile phone. Any merchant that uses and accepts MasterCard will also accept payments made through this app. Interestingly, YouTrip gives their users a physical prepaid MasterCard which allows online as well as offline transactions.
YouTrip has a very convenient business model which attracts a lot of users who make foreign payments. When a payment is made to a merchant, a small amount of money is charged by MasterCard. Instead of charging the customers a fee, YouTrip earns a small cut from the money that MasterCard makes.
What is PayPal?
PayPal is a multi-currency online payment system made for users who prefer to make everyday transactions online. The company offers online payment solutions to people across the globe. It has been operating for over 20 years and is at the forefront among its competitors. PayPal makes online transactions convenient, safe, and affordable.
PayPal is a multi-currency online payment system made for users who prefer to make everyday transactions online. The company offers online payment solutions to people across the globe. It has been operating for over 20 years and is at the forefront among its competitors. PayPal makes online transactions convenient, safe, and affordable.
The PayPal application works on mobile phones, tablets as well as on Windows PCs. It allows online monetary transactions between users and businesses. Interestingly, the company offers services even to those people who do not have a PayPal account.
The business model of PayPal when it started was pretty simple and included three phases. The company firstly focused on pushing its services among users on eBay in the United States. Next, it expanded its services to eBay’s international websites. Lastly, when its user base expanded further, it started working outside of eBay.
Main Differences Between YouTrip and PayPal
- YouTrip is an app specifically made for travelers while PayPal is made for money transactions between users and businesses.
- YouTrip was founded in 2016 while PayPal was founded in 1998.
- YouTrip is based in Singapore, Thailand, and Hong kong while PayPal is based in California, United States.
- YouTrip operates mostly over the Asia-Pacific region while PayPal operates almost worldwide.
- YouTrip can be used only on mobile phones while PayPal can be used on phones, tablets as well as Windows PCs.
Conclusion
YouTrip and PayPal are two companies that are pioneers in the world of online payment systems. However, both have very different business models and methods of operation. While YouTrip focuses on offering its services to travellers, PayPal is made for everyone and anyone who prefers to make transactions online.
Another major difference between the two is that YouTrip operates mostly in the Asia-Pacific region
while PayPal has a broader user base. PayPal offers its services to almost every country worldwide.
Moreover, YouTrip is a relatively new company while PayPal has been active for over 20years.
References
- https://link.springer.com/chapter/10.1007/978-1-4302-0353-7_1
- https://www.sciencedirect.com/science/article/pii/S0267364904000512