Can PayPal Return to the Summit of the Digital Wallet Landscape?

Paypal was once the most successful digital wallet on this planet. In fact, PayPal may have even been the original digital wallet to popularise the idea in the first place. Despite this, the growing competition has made PayPal fall from the heights it once reached, and as you may already know, there are now a variety of competitors out there that are just as if not more successful than Payal is currently. 

This begs the question of whether or not PayPal will ever again be able to reach the summit of the digital wallet landscape, and as we are going to talk about in this article, there are a few key factors that we have to take into consideration regarding this topic. Let's jump straight into it. 

People Love To Stick To What They Know

The history of PayPal is full of trials and tribulations, but somewhere along the line, the recipe was perfected. There is just something about PayPal that makes people feel comfortable, and most other digital wallets are a ways away from achieving this same feat.

This is so much the case that Paypal has actually been able to appeal to a demographic that no other digital wallets have; the older generation. PayPal doesn't seem like some far-off complicated piece of technology, and because of this, people are much more willing to give it a shot.

Your parents might even use PayPal on a regular basis - this is how common using PayPal is. Whether it be for a casino fast withdrawal, making a payment to a friend, or buying something off eBay, Paypal has managed to capture the hearts of millions of people that other digital wallets struggle to appeal to, and because of this, PayPal has a huge advantage over most other wallets. 

The Competition Is Sky-High Right Now

While Paypal has done a great job at appealing to the older demographic, when it comes to young adults, this is where PayPal falters. The vast majority of top digital wallets offer a ton of utility and practicality to young adults, and the benefits they provide just make them much more appealing.

Pair this with the fact that young people are generally more explorative and accepting of new technology and you have a recipe for PayPal's demise. 

That all goes without mentioning how many digital wallets there are out there now. There are so many huge companies that have jumped into the digital wallet scene in an effort to capitalise on the current upwards trend, and while an oversaturated market is good for us, the consumers, it's certainly bad for the companies involved. 

Here are some of Paypal's main competitors; 

• Google Pay

• Venmo

• Apple Pay

• Cash App

• PayPal

• Zelle

• Walmart Pay

• Dwolla

• Facebook Pay

• Amazon Pay

So, do you think PayPal has what it takes to take over the digital wallet landscape yet again? We have no doubt that the potential is there, and if PayPal chooses to make a push to reclaim its notoriety, then it is not out of the question to see it reach the top. 

The digital wallet scene is incredibly competitive right now, and if PayPal wants to cling to its position or even climb the ladder, then it goes without saying that some pretty big changes will need to be made. See you next time.