For several years some experts have been often claiming cryptocurrencies will replace online money transfer services like Western Union, MoneyGram, TransferWise, PayPal, and others. Unfortunately, that’s happening so slow as we hardly notice it in daily routines. Users have suffered from fees that make money out of thin air for the old financial players which must have been wiped out of the business by a crypto a couple of years ago. They still enjoy looking at the small babies (I mean crypto) who barely get accepted by big industries like tourism, automotive, aerospace, and more.
Wait, do we need to get upset seeing PayPal or Western Union making billions a year on just facilitating the money transfer. Let’s look at who is hurting them so badly.
Meet the least known but trending brand Payoneer; it doesn’t charge internal transfer fees for the clients. That’s the amazing beauty of this new publicly traded mini bank of the U.S. Payoneer could attract many former PayPal users who had no choice other than sending and receiving fees inside the big electronic giant. Therefore, PayPal needs a separate bank to keep all the data which will erase transfer fees at all.
Very soon PayPal will lose the majority of the market share to new innovative competitors. Thanks to its minimum of 2.5% transfer fees. They might bury PayPal even before 2023. People have a wide range of choices now. Who knows? Maybe crypto will probably save PayPal.
Since 2009 Trevor has been eager to know the causes of financial crises. Right now he is actively searching for the next crisis which will decide the fate of the middle class in the Americas and Europe. We wish him good luck in his research.