PayPal is an electronic banking option. It is the most widely used online payment system in the world. Thousands (if not millions) of people and businesses from all over the world utilize it every day for a variety of transactions. You can manage your money while taking care of your online transactions using the PayPal alternative. It is the favored payment option for the majority of online retailers and auction sites because it is an eBay subsidiary.
PayPal, on the other hand, has been bombarded with complaints throughout the years. The practice of freezing accounts without prior notification or explanation is the most prevalent complaint.
Despite all of the concerns and bad comments, PayPal continues to be the most popular payment method. Many people continue to do business with them because they have no other choice. There are, however, several Paypal options. These alternatives provide essentially the same services like PayPal.
Individuals under the age of 18 are not permitted to establish a PayPal account, regardless of their location, according to PayPal’s website:
PayPal Alternatives For under 18
Fortunately for me, I’ve discovered the greatest PayPal options for those under the age of 18.
1. Stripe
Stripe is a PayPal alternative that allows you to take payments online. Stripe payments are preferred by numerous services over PayPal for good reason. If you’re starting an online store, it’s also one of the simplest payment methods.
Stripe processes a large portion of incoming online payments and has a very reasonable charge structure to boot. Stripe instantly transfers incoming funds to your bank account once you collect online payments using a range of payment options. You also get access to a robust payment processing backend with a wealth of data to aid in the analysis of your sales.
Stripe has no hidden costs or charges brackets that may be changed. There is a 2.9 percent + $0.30 cost per successful charge for each transaction. But there are no monthly fees or deductions. Stripe’s money might take a few days to arrive, which is a significant disadvantage. In addition, payments made with an overseas card will incur a 1% transaction fee.
2. Mobile Pay
For children, mobile pay is another excellent PayPal option. But, for the sake of our discussion today, let’s stick to the PayPal alternative for those under 18. We’ll concentrate on minors’ mobile payment support.
2.1 Google Pay
Google Pay (previously Google Wallet, but now merged with Android Pay) is a viable PayPal substitute. Any kid over the age of 13 can use it as long as their parent gets permission and agrees to the rules. Then, parents may attach a bank or credit card to the Google Pay account to send money.
There are no frills or extras. It’s arguably the most straightforward and cost-effective option to provide your children with a location to save and spend their money. Users of Google Pay may simply divide expenses with friends or family, transfer money online, and make group payments.
2.2 Apple pay
Apple Pay, which launched in 2014 on iPhones all across the world, beat Google to mobile payments. Since then, Apple Pay has grown in popularity. Apple Pay isn’t just for iPhone users. Apple Pay is also available on your iPad and Apple Watch.
For usage with NFC payment terminals, Apple Pay allows you to upload credit, debit, and store loyalty cards. One disadvantage of Apple Pay over Google Pay is that your payment receiver must also use Apple Pay to retrieve funds delivered to them.
2.3 WeChat Pay
Users of WeChat may use WeChat Pay to create a digital wallet and make payments. WeChat is one of the most popular messaging apps on the planet. WeChat Pay is available to all WeChat users. WeChat Pay has a large user base due to the sheer quantity of WeChat users.
2.4 Facebook Messenger payments
Facebook Messenger Payments are extremely simple to use. In the Messenger app, locate your buddy, choose Pay, then enter the amount. Second, you may send and receive money without incurring any costs from your friends and relatives.
Sending money to your friends using the app requires no additional software, making the entire payment procedure quick and easy.
3. Online banking accounts for teens
You’ll need a bank account to transfer money to and from no matter where you go to open an online banking account, such as PayPal.
It is one of the easiest ways to open a genuine bank account for kids, complete with a debit card, checks, and all of the other advantages that come with having a bank account.
3.1 Capital One 360 money
CapitalOne created a CapitalOne 360 “Money” account to meet the demand for teen bank accounts. Capital One Money is a no-fee checking account for kids and teenagers aged eight to eighteen. It has no minimum balance requirement and offers free online and mobile banking.
You can always step in and help your adolescent because the account has parental control. You may also transfer money into and out of his account using your own bank account.
Other online Banking alternatives are
- Bank of America Student Banking
- Alliant
- Chase
- Huntington Bank
- Wells Fargo
4. Prepaid debit cards for teens
You don’t have to create a bank account. You may acquire a refillable prepaid card for your youngster at any drugstore or supermarket.
4.1 American Express: Bluebird
Bluebird by American Express is a credit card and a bank account rolled into one.
The best part is that you can give each of your four family members a distinct card with only one “family account.” You can instantly transfer money to those cards, establish spending limitations, and monitor activities from your central account.
It’s definitely one of the finest options for parents who want to start giving their kids allowances and teaching them how to appropriately use credit cards.
4.2 My Vanilla Visa Card
A Vanilla Visa gift card, which can be found at most supermarkets or Walmart, is an even easier option.
These cards are not available for purchase by minors. Parents, on the other hand, are permitted to purchase the card, sign the agreement, and then register their underage child as a registered user of the card.
4.3 FamZoo Family Account
FamZoo is one of the most innovative solutions to handle several child accounts in a single-family management platform.
Famzoo is like a supercharged version of Bluebird. It has all of the features of an American Express Bluebird account, plus a prepaid card for each kid. However, it is devoid of the majority of the expenses associated with opening a student account with any of the major banks.
