Introduction
Digital Payments can be defined as payments that are conducted over the internet and various mobile channels. Therefore, any payment that is sent online or over the mobile phone is a digital payment. This implies that for digital payments to take place, the sender must have a bank account, an online banking method, a device from which they may make the payment, and a medium of transmission (they should have signed up to a provider/intermediary like a bank or a service provider.) Further, the receiver of the payment must have similar things to accept the payment. This implies that there must be a medium of transmission between the sender and the receiver where the sender, instead of paying the receiver in cash/physical format, settles the amount in digital format. This means that the transaction happens over eCommerce modes of transmission. After the world was gauged into the universe of digital payments, payments through online payment platforms like PayPal, Quadpay, Klara, Razorpay, AfterPay, and Sezzle became famous because of their easy accessibility, usage, and safety. Many online eCommerce sites accept such payment methods for local as well as international transactions. Nowadays, digital payments are safer and more secure than payments made in cash. PayPal and Quadpay are two of the most common payment methods available today. This article attempts to explain the critical differences between the two payment intermediaries as well as explain them in detail.
PayPal vs Quadpay
The critical difference between PayPal and Quadpay is that PayPal offers payment processing and instalments payments, while Quadpay only takes instalment payments. PayPal offers a variety of payment methods. Both PayPal and Quadpay rigorously follow the payback method for six weeks. PayPal has joined the pay later method recently. PayPal has better usage coverage in more website categories, including Computers Electronics & Technology, Lifestyle, Games, Arts & Entertainment and 20 other types.
Quad Pay hasn't got a lead over PayPal in any website category. PayPal is leading in most countries, including the United States, United Kingdom, Germany, Italy and 158 other countries. Quad Pay hasn't got a lead over PayPal in any country. PayPal is headquartered in San Jose, California, situated in the United States; Quad Pay is headquartered in New York, United States. PayPal was established in 1998, while Quad Pay was established in the year 2017. Peter Thiel, Ken Howery, Max Levchin, Yu Pan and Luke Nosek were the founders of PayPal. Brad Lindenberg was the founder of Quad Pay. eBay was the parent company of PayPal, while Zip Co Limited was the parent company of Quad Pay. PayPal has over 377 million users worldwide, while Quad Pay has only 6 million users and 40000 merchants worldwide. PayPal performs instalment payments as well as payment processing, while Quad Pay performs only instalment payments.
Difference Between PayPal and Quadpay in Tabular Form
| Parameters of Comparison | PayPal | Quadpay |
| Introduction | PayPal is an electronic commerce enterprise that facilitates online payments between parties. PayPal allows its customers to create an account on it. This is connected to the user's credit card/checking account. Once funds are identified, users can begin sending or receiving payments to and from other PayPal accounts online or through the company's app. | Quadpay is one of the upcoming and most popular payment platforms that operate in the digital payments sector. They offer customers the option to pay for their purchases in four interest-free instalments every two weeks at any retailer that accepts Visa. It is used for both in-store as well as online purchases. |
| Year of establishment | PayPal was established in 1998. | Quad Pay was established in 2017. |
| Parent company | eBay was the parent company of PayPal. | Zip Co Limited was the parent company of Quad Pay. |
| Founders | Peter Thiel, Ken Howery, Max Levchin, Yu Pan and Luke Nosek were the founders of PayPal. | Brad Lindenberg was the founder of Quad Pay. |
| Headquarters | PayPal is headquartered in San Jose, California, situated in the United States. | Quad Pay is headquartered in New York, United States. |
| Number of users | PayPal has over 377 million users worldwide. | Quad Pay has only 6 million users and 40000 merchants worldwide. |
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Geographically leading.
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PayPal is leading in most countries, including the United States, United Kingdom, Germany, Italy and 158 other countries.
PayPal has better usage coverage in more website categories, including Computers Electronics & Technology, Lifestyle, Games, Arts & Entertainment and 20 other types. |
Quad Pay hasn't got a lead over PayPal in any country.
Quad Pay hasn't got a lead over PayPal in any website category. |
| Payment Type | PayPal has the option of instalment payments and payment processing. | Quad Pay has the option of instalment payments only. |
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Functions
Website | PayPal’s website is www.paypal.com. | Quad Pay’s website is www.quadpay.com. |
What is PayPal?
PayPal is an electronic commerce corporation that facilitates payments between companies/individuals via online transfers. It allows its customers to establish an account with it. This is connected to a user's credit card/checking account. After the identification of funds is confirmed, users can begin sending or receiving payments to and from other individuals/companies with PayPal accounts online or through the company's app.
How does PayPal work?
PayPal offers payment services and solutions for personal consumers and businesses. The company allows individual customers to shop, make payments, and even transfer money quickly. Users require an email address to sign up for an account on Paypal and must also provide a credit or debit card or bank account to complete the setting up of their account. PayPal verifies all the information provided by the user to ensure that the person setting up the account is genuine before the service can be availed by the user. PayPal account holders may use the company's website or even the mobile app to transfer money to others with a PayPal account using the recipient's email address or mobile number. Shoppers can use PayPal to complete purchases online if the retailer has availed of Paypal's services. The transaction is conducted in mere minutes, and the corporation guarantees that transfers are available for payment/withdrawal to the bank account instantly. It even offers businesses a wide range of solutions for their day-to-day/working capital operations, including payment portals for online and store transactions, business management solutions, credit and financing services, etc. Businesspeople must also provide an email address to create an account on Paypal. It aims to make online transactions safer by providing a form of payment that does not require the sender or receiver to disclose credit card/bank account details. Thus, money is secure, privacy is protected, and, since the customer base is so large, transactions are faster than traditional methods.
Benefits of using PayPal
- Purchases made with some particular online retailers can avail a discount from PayPal or a cashback sometimes.
- PayPal also offers its own credit card services via Synchrony Bank. Approved applicants are supplied with a MasterCard branded with PayPal's name.
- The company also extends lines of credit, finances large purchases and provides customers with debit MasterCard that uses the PayPal balance to make payments for purchases in a store or to withdraw cash.
- Since PayPal is widely known, there are stores throughout the world that will accept PayPal payments for goods or services; some even accept contactless PayPal payments.
What is Quadpay?
Quadpay is one of the upcoming and most popular payment platforms that operate in the digital payments sector. They offer customers the option to pay for their purchases in four interest-free instalments every two weeks at any retailer that accepts Visa. It is used for both in-store as well as online purchases.
Requirements to use Quad Pay
- Live in the United States
- Be an adult (attain 18 years of age)
- Have a valid mobile number that is verifiable.
- Use a credit or debit card from the United States to make a purchase.
There is no minimum amount for purchasing via Quadpay. However, maximum spending limits are set by their automated system based on various factors and the amount a merchant is willing to accept. T. Items will ship just like when purchased with any other type of payment. It can even be used to pay bills. The app promotes that it’s a great way to align payments for those who get paid every two weeks instead of paying the total bill at the start or end of the month.
Benefits of using Quad Pay
- It doesn’t run a hard credit check. Thus, the credit score of an individual won’t be affected by signing up.
- Items can be purchased with 25% down and have interest-free payments over the course of six weeks.
- It’s possible to have many orders at once as long as the user stays within their balance.
Limitations of using Quad Pay
- Now, Quadpay only has one payment plan. Four equal instalments must be paid over six weeks.
- All purchase approvals last only 24 hours. After that, one must restart the approval process again.
- A new virtual card must be generated for every single purchase.
Main Differences Between PayPal and Quadpay In Points
- PayPal is an electronic commerce corporation that facilitates payments between companies/individuals via online transfers, and it is one among the most popular avenues for digital payments today. Quadpay, on the other hand, is an upcoming payment platform. Quad Pay also operates in the digital payments sector. They offer customers the option to pay for their purchases in four interest-free instalments every two weeks at any retailer that accepts Visa.
- PayPal was founded back in 1998, whereas Quad Pay was founded only in 2017.
- eBay was the parent company of PayPal. Quad Pay’s parent company is Zip Co Limited.
- Peter Thiel, Ken Howery, Max Levchin, Yu Pan and Luke Nosek were the founders of PayPal. Quad Pay’s founder is Brad Lindenburg.
- PayPal is headquartered in San Jose, California, situated in the United States, while the headquarters of Quad Pay is in New York, United States.
- PayPal has more than 377 million users worldwide, while Quad Pay has only 6 million users as it is a relatively new digital payment platform.
- PayPal is leading ahead of Quad pay in most countries, including the United States, United Kingdom, Germany, Italy and 158 other countries.
- PayPal has better usage coverage when compared to Quad Pay in more website categories, including Computers Electronics & Technology, Lifestyle, Games, Arts & Entertainment and 20 other types.
- PayPal has the option of instalment payments and payment processing, while Quad Pay has the option of instalment payments only; it does not have the option of payment processing.
- PayPal’s website is www.paypal.com, while Quad Pay’s website is www.quadpay.com.
Conclusion
Digital Payments can be defined as payments that are conducted over the internet and various mobile channels. After the world was gauged into the universe of digital payments, payment plans through online payment platforms such as PayPal, Quadpay, RazorPay, Klara, AfterPay, and Sezzle became famous because of their easy accessibility, usage, and safety. Buy Now Pay Later (BSNL) payment methods in the digital world make it easier to make purchases online and in stores without incurring the fees/charges associated with credit cards. It is the fastest and most convenient form of funding, and it's straightforward to register. Quadpay and PayPal have nearly identical user interfaces and operations. However, they differ mildly in their functions. PayPal is an electronic commerce corporation that facilitates payments between parties through online transfers. Quadpay is one of the upcoming payment avenues that operate in the digital payments sector. It offers users the option to pay for their purchases in four interest-free instalments every two weeks at any retailer that accepts Visa. PayPal offers payment processing and instalments payments, while Quadpay only takes instalment payments. Both PayPal and Quadpay rigorously follow the payback method for six weeks. PayPal has joined the pay later method recently. This article has attempted to explain the critical differences between the two platforms. Further, it has described the concept of PayPal, its working, and the benefits of using it for digital payments. It has also demonstrated the benefits and limitations of using Quad Pay.
