Technology

PayPal vs. Skrill: A Detailed Comparison

In today’s global market, online transactions have become an everyday phenomenon. The Covid-19 pandemic accelerated the growth of digital payment methods, transforming the way individuals shop online. It has been a massive part of the digitization process, impacting every aspect of business along the way. Now more than ever, shoppers are spoilt for choice when it comes to choosing an online payment method. Traditional methods include bank transfers, direct debit, and credit cards, while digital wallets such as PayPal and Skrill are more recent. In this article, we’ll focus on the latter and dive deeper into each digital wallet specification.

Let’s Start Off With Paypal

PayPal is one of the most well-known and frequently used digital payment systems. It was launched in 1998, and since then, it has become one of the most popular ways for customers to send and receive money online, as well as make online purchases. PayPal has become the go-to payment mode for customers all over the world, with 429 million active users and approximately 30 million active merchant accounts as of 2022. 

PayPal also issues debit cards, provides credit card readers to small businesses, and offers credit to consumers. From shopping, booking a flight ticket, or paying for a Netflix subscription, PayPal makes instant payments possible. Retail giants such as eBay and Amazon, as well as popular entertainment and gaming platforms, accept payments via PayPal. Due to its easy deposit and withdrawal process and fraud protection technology, PayPal is hugely popular among online gamers playing at top casinos online for real money. Along with supporting over a hundred currencies, each PayPal account comes with a unique QR code that users can share for transferring funds.

And Now Off To Skrill

Skrill is a payments system based in London that provides a digital multicurrency wallet for online payments and transfers. Initially known as Moneybookers, it was created in 2001 and was integrated with the Paysafe Group in 2015. The e-commerce service enables users to send and receive international payments at a low fee rate. Skrill offers a multitude of payment options that allow customers to pay with their preferred mode of payment, resulting in high conversion rates. The platform also offers incentives, discounts, and rewards that loyal customers can access via Skrill’s e-wallet. The platform continues to operate under UK law guidelines and is regulated by the Financial Conduct Authority. In 2019, the payment gateway was named the Best Digital Wallet by Juniper Research at the Future Digital Awards.

Similarities Between PayPal and Skrill

As one can notice, PayPal and Skrill are both widely utilized electronic wallets that offer customers a secure and frictionless payment experience. Here are some of the most noticeable similarities between the two:

  • Easy Onboarding – Setting up a PayPal or Skrill account with your email id is quick and easy.
  • Free Registration – Opening a PayPal or Skrill account is free of charge.
  • Accessibility – Both platforms can be accessed via the official website or app.
  • Dedicated Customer Service – PayPal and Skrill offer user guides, community forums, and customer care via phone or messaging.
  • 2FA – The digital wallets provide two-factor authentication, adding an extra layer of security.

Differences Between PayPal and Skrill

  • Let’s face it – this is what we’re all here for! Here are a couple of unique features that set the two digital wallets apart:
  • Language – PayPal is available in all languages, whereas Skrill is limited to 7 European languages.
  • Direct Debit Card – Skrill offers direct debit cards to users in Europe and USA. PayPal, on the other hand, offers debit cards only to its US customers.
  • Cryptocurrency – You can purchase over 40 different cryptocurrencies with your Skrill wallet – an option unavailable with PayPal.
  • Inactivity Charges – After 12 months of your account being dormant, Skrill applies inactivity fees which is not the case with PayPal.
  • Popularity – PayPal is the most popular mode of payment across website categories ranging from computers, electronics, technology, arts and entertainment, and gaming.