PayPal founders back Stripe to beat PayPal

By , ITworld |  IT Management, Elon Musk, paypal

Flickr/ell brown

Elon Musk says PayPal "will be screwed" if they don't do something and innovate. He's putting his money behind Stripe.

Speaking to Sarah Lacy on PandoDaily (article includes a video clip), Elon Musk says the current PayPal situation is "slightly worse" than the product plan he wrote when running the company in 2000. While Square Up may corner the "iPhone as credit card device" market, payment service Stripe has recieved more funding recently, boosting it to a $500 million valuation.

Aiming at developers, Stripe currently has over 100,000 developer accounts on their platform, indicating serious uptake by the payment processing community. The no-surchage pricing is 2.9% of the transaction amount, along with 30 cents per successful transaction.

Stripe for me

Awesome. These guys are so incredibly inspiring.
Eoghan McCabe on techcrunch.com

have signed up to Stripe so as soon as they launch in the UK, we'll be looking to move from Paypal.
Schnack on pandodaily.com

Time is the value-add. After 2 Minutes on the Stripe website I know how to implement it and whats it gona cost.
Christian Budschedl on techcrunch.com

Stripe is only the payment processor who accepts payments from customers credit/debit cards and ACH transactions, then forwards to the business.
colinnwn on technologyreview.com

PayPal not dead yet

PayPal is the ONLY viable online payment solution for businesses in many countries. While I wish there was some viable alternative, there isn't.
bluelambda on pandodaily.com

Hmm -- this is quite expensive and I"m not sure Stripe will make it as the rate of innovation across financial services accelerates.
jonnye on technologyreview.com

if they were about to go their numbers would have dropped significantly and they have not.
cdnpal on pandodaily.com

Remember the rest

Both Stripe and Braintree are great additions to the payment mix, but like Square they are pricing themselves out of larger transactions.
Ridgely Evers on techcrunch.com

if you think about Square they do add value besides just processing the payment by providing the consumer app and merchant register app and others things like analytics, loyalty, offers, etc.
Aalap Parikh on techcrunch.com

Do you have a PayPal horror story? If so, share it below.

For the latest IT news, analysis and how-tos, follow ITworld on Twitter, Facebook, and Google+.

Now read this:
Developer declares 'I am done with the Freemium Business Model'
Khan Academy offers JavaScript as their first computer language
Study says Facebook profile can predict job performance

Join us:
Facebook

Twitter

Pinterest

Tumblr

LinkedIn

Google+

IT ManagementWhite Papers & Webcasts

See more White Papers | Webcasts

Answers - Powered by ITworld

Join us:
Facebook

Twitter

Pinterest

Tumblr

LinkedIn

Google+

Ask a Question
randomness