PayPal Becomes Bigger than Banks

In the not too distant past, PayPal was regarded as a fringe service that wasn’t required by many. Now, it has quickly surpassed what anyone thought it could become and has gotten bigger than imagined.

Instead of being an option, PayPal is fast becoming the favorite payment method of shoppers and gamers online. Of course, many services have attempted to replicate this success but none have come close to PayPal.

The amount of users signed up to the service has increased exponentially and now it’s bigger than many individual banks.

With the launch of contactless services, PayPal can now even be used in the place of your bank card in the real world.

This has banks quaking in their boots, as the service could entirely replace the need for a bank account or card. Users are calling on the service from cafes to Target, as they make payments quickly with no fuss. This is a reputation that banks envy, as we all know how lengthy a trip to a bank can end up.

PayPal is increasingly widely used in casino gaming, as more players wish to protect their card details. Sites like are dedicated to finding the top sites that accept the payment method, of which there are many. These comparative sites take online gaming sites and pit them against one another. This allows their readers to get the scoop on the best places to use PayPal to deposit and get the best promotions.

Apple Pay arguably brought the NFC contactless technology to this application first, but PayPal simply did it better. The latter is less exclusive and restrictive, meaning that more people were able to access it. They thought outside the box and created a product that was better than the alternative, something that every company should be striving for.

According to a survey undertaken by the Financial Times, people in the UK believe that PayPal is a bigger name in the payments industry than Virgin Money. This is bad news for the latter, as they can’t hope to compete with something that was once a minor player in the industry.

In the same survey, 25% of the public also told the interviewers that they would prefer to bank with PayPal than a traditional organisation. Right now, you’ll still need a bank account to pay into the service and withdraw but that could all change. They could easily provide users with credit cards, mortgages and more – the possibilities really are endless.

The PayPal story is something of a fairy tale, as they came from a small start-up to a household name around the world. They started as a young company in a competitive market, in which they attempted to change the security of payments.

PayPal and the ability to transfer funds were initially a side project of the company but rapidly overtook the rest. Just two years after their inception, the company had partnered with Elon Musk and began living the Silicon Valley dream.

Just this year they entered the ranks of the Fortune 500, a feat that the founders said they would never have thought possible. With continuing innovation bringing the brand to the fore, they seem set to shake up the banking industry even more. What they think of next is a mystery so far, but they could become even more of a feature of our lives. A PayPal mortgage or credit card might be closer than you think.

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