PayPal and WebMoney are both payment services. Both services offer an alternative payment method for online transactions. These two services are similar, but there are several differences. Both of these services are owned by different companies, in different states with different features. Read the article to know the differences.
WebMoney vs PayPal
The main difference between WebMoney and Paypal is security and convenience. WebMoney is a faster and safer option than Paypal. Paypal is fast but is not considered that much secure. WebMoney is allowed almost everywhere while you can’t accept payments from individuals from countries that have banned PayPal.
A WebMoney transfer is a multifunctional payment instrument that uses an individual interface. A WebMoney transfer system is a great way to make one payment. There are 41 million registered accounts with Webmoney, along with 100000 stores accepting payments via the platform.
PayPal is the best choice for online businesses when it comes to ease of use. They offer faster payment processing, a secure environment, and a variety of options for e-commerce. PayPal allows you to send money quickly, but it can be more difficult for small businesses. Though, PayPal is known worldwide and is used widely.
Comparison Table Between WebMoney And PayPal
| Parameters of Comparison | WebMoney | Paypal |
| What is it? | An e-wallet that is used to transfer money. | An online platform to make online transactions. |
| Launched in? | November 1998 | December 1998 |
| Owner? | WM Transfer Ltd. | PayPal Holdings, Inc. |
| Known in | WebMoney is more popular in Russia. | Paypal is known worldwide. |
| Website | wmtransfer.com | www.paypal.com |
What is WebMoney?
WebMoney, a web-based money transfer service, is an easy and convenient way to send and receive money. This service uses a 12 -digit personal ID number as a login. Anyone can create a WebMoney Account. In addition to the ability to make payments, the service also enables users to view and report fraudulent activity. Users can also create as many wallets and as many WMIDs as they want with one WMID.
First of all, you’ll need to register for a WebMoney account. To sign up for a free account, simply go to a webmoney.org website and log in with your Gmail account. In a matter of minutes, you will receive an email with your account information. You’ll need to save the WMID code, which is your account ID code. The WMID code is your account ID code. Once it’s saved, you can send and receive money as usual. To view the funds that you have received, you can also view your wallets.
WebMoney offers a more complete feature set. It offers payment features such as bill paying, top-up, and withdrawal. It also has features for businesses, such as accepting payments and managing your work. It is a secure and fast way to make online transactions.
What is PayPal?
PayPal is a financial technology company owned by PayPal Holdings, Inc., which operates an online payment system in most countries. It’s a digital alternative to the paper method that many businesses still use today. PayPal is used worldwide to make online payments and purchases.
PayPal was established in 1998 and has since grown to become the world’s largest online payment service. It is a digital wallet that stores both buyer and seller’s credit card and bank account information. Since then, it has added additional features, such as e-commerce perks and wire transfer services through Xoom. PayPal was once primarily known as a payment system for eBay. It has since expanded to hundreds of other countries and has millions of users.
PayPal offers more security features, making it a great choice for online businesses. While it’s not the fastest option for small-scale businesses, it’s still more secure than paper-based methods. PayPal allows you to make unlimited transactions. PayPal does not require you to have a merchant account. However, you can create one with the company. PayPal has its advantages and disadvantages. It’s the best choice for online businesses that are vulnerable to data theft. It’s not the best choice for small businesses.
In addition to the usual credit card, PayPal offers a broader range of payment methods. It can be used to make international payments and even purchase from other countries. It is a great choice for international payments.
Main Differences Between WebMoney And PayPal
- WebMoney is more secure than Paypal.
- WebMoney has better coverage in a wider range of website categories. Webmoney is known more in Russia. Paypal is more known worldwide and is widely used.
- Webmoney is a faster way to receive payments and set up a merchant account than Paypal.
- WebMoney’s fees are lower than PayPal’s. They rarely exceed 0.7%.
- WebMoney does not support the feature of chargeback. On the other hand, Paypal supports this feature.
Conclusion
WebMoney and PayPal have many similarities, but their benefits are the main difference. Both services are used by Internet businesses to facilitate transactions online. Both services allow users to send and receive money via email. Both services can be used with a merchant account.
Webmoney is safer and better than Paypal. Some users might be hesitant to switch from PayPal, but more reliable solutions exist that are more reliable and can accommodate the different needs of different businesses. You can choose between these two payment systems based on your needs. You can compare the two services’ fees, features, and popularity to see which one suits your business best.
The main benefit of PayPal is that it is faster and safer than other forms of payment.
References
- https://link.springer.com/chapter/10.1057/978-1-137-56870-0_10
- https://link.springer.com/chapter/10.1007/978-1-4302-0353-7_1