app analysis

PayPal vs. Wise

vs.
 TABLE OF CONTENTS
PAGE

UX app analysis: 

The changing face of fintec 3

Onboarding
First impressions 6
Creating an accoun 9
Know your customer
23

2. Usability
General impression 26
Making payment 30
Sending a cash pickup with PayPa 41
Stay connected to get
the latest insights on the Discover a virtual banking experience
46
mobile app industry.
3. Engagement
51

4. Relevance
56
Linkedin Medium Twitter

5. Conclusion
59

02
APP ANALYSIS

The changing face of fintech

The adoption of digital wallets and payment apps flows are key to creating a sense of security that users expect
from a financial app. One slip and the trust is broken — leading to
was rising long before the pandemic got people app abandonment.

stepping away from cash to conduct transactions

In the digital payment space, there are two undeniable
at a safe distance. In the US, the use of mobile heavyweight champions: PayPal and Wise. We compare the
wallets has gone up by an additional 50% from usability of both publicly traded fintech companies so you can
learn from the value drivers and missed opportunities of each app.

2020 to 2021.

PayPal is undeniably the OG of mobile payment, having launched

This growth is accompanied by increasing competition in the
over two decades ago with nearly 300 million customers to date.
mobile payment space and features that a digital wallet enables
Besides making it easier to split checks at the table, PayPal gives
like easy onboarding, fair rates, payment analytics, bill payments,
people the ability to
and seamless P2P transfers. Customers want the security of their
local bank, with the convenience of shopping on Amazon. Smooth
transactions, clear messaging and seamless journey

03
APP ANALYSIS - PAYPAL VS. WISE

accept payment online quickly and securely without having to use accounts" — virtual multi-currency accounts with a no-fee debit
a credit card. Individuals can pay for goods and services, collect card. Every account comes with a country-specific IBAN.

payments via a link, invoice clients, and more. With a business

account, you gain access to even more functionality — QR code In the payment industry, you need to balance intentional friction
payments, hosted checkout page, and a card reader for rent, for sensitive actions (like sending money to a stranger) against
among others.

discoverability and overall ease of use. Despite all the

competitors in the space, designing convenient user interfaces for
Wise (formerly TransferWise), PayPal's biggest competitor, is multiple user journeys remains a challenge.

known for affordable cross-border money transfers. As soon as

they hit the market, Wise quickly attracted swashes of users with Let's see how the two interfaces compare in usability.
low-cost and transparent pricing since traditional bank wires were
(and still are) expensive. With over 9 million customers, Wise
offers personal and business "borderless bank

04
Onboarding

First impressions

Creating an account

Know your customer

ONBOARDING

First impressions

Welcome screen on the PayPal app

On PayPal’s login screen, new users are greeted with a swipeable A captivating onboarding screen also sets the scene for Wise
welcome screen with clear value proposition summaries. As a users. Compared to PayPal, they provide more copy and quantify
user who knows the app, it’s satisfying to be able to log in right the benefits. Persuasive language works for me. Who doesn’t
away, rather than having to swipe through all the screens before want to spend eight times less than with a traditional bank?
being able to log in.

06
ONBOARDING - FIRST IMPRESSIONS

Are you welcoming app users with a swipeable onboarding screen? Use a product analytics tool to design
based on how your users are interacting with it. You can find out:

Are users swiping all the way through or just jumping right into An analytics tool can help you track taps on your sign-up button,
the sign-up process and with custom events you can send additional properties (like
welcome screens) to identify which screen the user signed up on.
Is this a good time to highlight the benefits of 

Learn more about sending events and tracking granular event
your product
properties.
Are all the screens necessary for onboarding
Does it add unnecessary friction to your 

onboarding process
For first time users, how many welcome screens do 

they swipe through before signing up?

07
ONBOARDING - FIRST IMPRESSIONS

Welcome screen on the Wise app

PayPal and Wise answer the question “Why this app?” during onboarding.

Reiterating the value of the app front and center gives users a sense of security before registering or logging in. This can be helpful if the
user just downloaded the app to try it out but doesn't know much about it.

08
ONBOARDING

Creating an account

63%
PayPal manages to collect all the important user details in seven screens. Given that

of users abandoned digital bank

apps during the account
opening steps in 2020,
reducing onboarding time and complexity can increase retention.

09
ONBOARDING - CREATING AN ACCOUNT

Account creation on PayPal

When opening a personal account, PayPal only asks to provide essential information such as your name, phone number, email, and address.
Automatic address lookup reduces the possible errors and minimizes the number of taps you have to make.

10
ONBOARDING - CREATING AN ACCOUNT

Account creation on PayPal

But, in-between steps, PayPal also autofills the checkbox that subscribes users to offers and promotions — something privacy-oriented
users will not appreciate. Instead of pre-selecting a subscription, it would be best to highlight the empty checkbox so it’s noticeable enough
and users can choose to opt in if interested.

11
ONBOARDING - CREATING AN ACCOUNT

Personal and business account flexibility

While PayPal only allows you to open a

In Wise, personal and business accounts are a bundled deal: You
can open one or both, and switch between them within the app.
personal account on mobile, Wise lets you select
However, you will be blocked if you register a personal account
between a personal or business account. Why
with one email and then a business account with another. Neither
is this important? the Wise mobile app nor the website explicitly explains this
limitation. As a user, I learned this lesson the hard way.

In the US, the number of self-employed people

increased from: Wise attempts to limit duplicate account registration by offering

9.6 million
Apple ID sign-on on mobile and prohibiting registrations using the
same phone number (as of recently). Adding some extra
in 2016 to microcopy or a tooltip would further minimize confusion amongst
new and current users.

15.8 million in 2020.

More people are looking for the easiest way to set
up online business accounts to manage the sale
of their own goods and services online.

12
ONBOARDING - CREATING AN ACCOUNT

First steps of creating a Wise account

13
ONBOARDING - CREATING AN ACCOUNT

Key takeaway
Payment apps tend to have a longer onboarding journey due

to the need for more personal information. Track every single

onboarding stage with a conversion funnel tool to see where

users drop off during registration. If you see users leaving the

app during the onboarding phase, use heatmaps to further

investigate why.

14
ONBOARDING - CREATING AN ACCOUNT

Password security

With cybercrime on the rise, users won’t question Live strength checkers save time from submitting passwords that
will end up getting rejected, causing frustration and forcing the
tight password security requirements for their user to do it all over again.

financial apps. In 2020 alone, over 155.8 million

PayPal also notifies you of what you need as you type the
people were affected by data exposures in the password, but doesn’t cross out the requirements as you meet
United States. The first line of defense for users them. After testing out a few easy passwords (e.g.,
password1234), they also warn you “No consecutive numbers (like
is their password.

1234)” and “No letters in a row (like asdf)”. Which is a great

reminder for users who easily forget passwords and may try to opt
Wise guides users during their password creation with a real-time
for easy-to-remember ones.

strength checker as the user types the password, and it has a

friendly animation that lists and crosses out every password
While it’s okay that PayPal doesn’t remind you when you’ve already
requirement as you meet them. From a user experience
met some of the requirements, they risk confusing users by not
standpoint, this is a very helpful feature.

letting them know when they’ve reached an acceptable password.

PayPal uses two

15
ONBOARDING - CREATING AN ACCOUNT

colors for the password box border: blue both when trying to
Overall, failed password setup attempts
meet the requirements and once you’re already there, and red
are a source of user frustration that every
when entering something unacceptable. Having a third color
(green) once your password is ready to go would improve the app should investigate.

experience and possibly decrease drop-offs during this step, as

this simple visual would give users the confidence to go ahead With minor changes, the password creation flows can usually be
with account creation.

improved greatly. Good news is that, after completing this step,

your account should have been created and you should have
Noteworthy is that PayPal doesn’t let you change
access to it.

your password via app, so you have to go on a web browser

instead if you wish to do so. Not the most user-friendly solution.

16
ONBOARDING - CREATING AN ACCOUNT

Entering a password for a PayPal account

17
ONBOARDING - CREATING AN ACCOUNT

Is password security holding potential customers back from completing your onboarding?

With a mobile app analytics tool, you can understand how users These reasons can tell you how many users failed to add a special
interact with the password field. Find and remove any confusion character and whether you need to validate in real time to avoid
when it comes to creating a password.

frustrations or give them a complete password without errors.

You can set up an event like 'password_failed' with the

Furthermore, you can use conversion funnels to see how many
property reason, which should list the reasons for the failure,
users entered the password first and eventually signed up
such as 'missed_number', 'missed_special_character', successfully. Learn more about conversion funnels and

'wrong_length,' etc. sending properties.

18
ONBOARDING - CREATING AN ACCOUNT

When password setup goes wrong

I discovered a flaw in onboarding as I continued After doing some digging, I found out what the problem was:

my account registration. After completing all the Wise expects users to provide a

requests in the previous five onboarding screens, phone number from the selected

I received a generic error message at the country of residence

password stage. Wise didn’t specify why I

— which shouldn’t be an issue for most people.
couldn’t make an account, and the app also didn’t
prompt me to contact support. After such an
unexpected bummer, the regular user would likely
move elsewhere.
19
ONBOARDING - CREATING AN ACCOUNT

Further Wise account creation steps

But it could be an issue for a subset of Wise’s loyal users: expats, long-term
travelers, and anyone doing cross-border business whose phone numbers
don’t match their country of residence. The Wise brand is strongly
associated with “borderless” payments.

20
ONBOARDING - CREATING AN ACCOUNT

Sadly, the app doesn’t mention this during the phone number Depending on the market, Wise may either prompt you to
verification step. Neither do they block you from selecting another complete follow-up Know Your Customer (KYC) steps or let you
country code, as PayPal does.

access your account. In the latter case, new users don’t get any
further guidance — a friendly welcome screen explaining what
To solve this, Wise could have placed an users should do next would improve the onboarding experience.

error message or pop-up tooltip under the

From an engagement standpoint, that’s a missed opportunity. Not
phone verification that said, “phone every new user needs a product tour, but some will appreciate a
number does not match residence” rather quick explanation of the next steps.
than to suggest, “try again later.”

21
ONBOARDING - CREATING AN ACCOUNT

Most leaks in your UX funnel are easily

preventable, locate them early and fix them.

With an experience analytics tool you can add all your onboarding
screens on a funnel to track drop-offs and get a more detailed
view by adding custom events. This can track micro interactions
within your onboarding process like adding a phone number and If you notice that your users need a little help, add microcopy or
whether or not that phone number was added successfully. From guides to help users overcome these obstacles and compare
there, you can identify where you have the highest number of funnels across different app versions to analyze whether your
drop-offs and further investigate with heatmaps and session hypothesis and solution helped improve conversion.
replay tools.

22
ONBOARDING

Know Your Customer (KYC) process

Both PayPal and Wise have a KYC process, where Anything that can take place within the app should happen there.

users need to confirm their identities. Given that Wise fortunately offers a mobile KYC process. New users need to
Wise has an electronic money account, they add money to their account and confirm their identity as the
necessary steps. Wise dedicates entire screens to explain the
request KYC during account creation. Paypal is benefits of completing this process.

not classified as a bank and abides by a different

set of regulations as a mobile wallet. It can afford What could be improved is the unnecessary step of Wise asking
users to set up two-factor authentication (2FA) during the KYC
to delay the verification until users exceed a stage. Since they already ask for your number earlier on, they
specific sending limit.

could combine that request with 2FA to simplify the onboarding

process.
PayPal only lets you do the KYC process via the web, which can be
a pain for users who need an account on the go.

23
ONBOARDING - KNOW YOUR CUSTOMER (KYC) PROCESS

Key takeaway
If your users will be requested to carry out a process to be able to use the full functionality of your app, you should
allow them to complete it on the app.

24
Usability

General impressions Sending a cash pickup

with PayPal

Discover a virtual
Making payments banking experience
 Usability

General impressions

The home screen of any app is the starting point

for the in-app user journey. From here, users

should be able to navigate to their most-used

features easily. These pages are unique to the

app and result from months of analyzing

analytics to understand better what their most

critical users want from this page.

26
USABILITY - GENERAL IMPRESSIONS

Main screens of the PayPal app

PayPal drives users straight into discoverability mode. The home The interface feels a bit busy but not overwhelming. All sections
screen greets you with many quick-start features, mainly around are clearly marked and with an extra explanatory copy placed
sending or requesting payments to or from your contacts. where necessary. The learning curve is really low, and you can
complete your first payment in only a few taps.

27
USABILITY - GENERAL IMPRESSIONS

Main screens of Wise’s app

A new Wise account feels more barebone. You are not prompted familiar interface layout that helps create a frictionless
towards any specific action, and the account only gets more experience. You can tap each transaction to receive extra details,
interactive once you start using it. 

 and the tab bar allows easy discovery of other features —
activated currencies, transfer schedules, and frequent recipients.

Once this happens, the home screen greets you with a

chronological overview of recent transactions — a

28
USABILITY - GENERAL IMPRESSIONS

Key takeaway
Progressively encourage users to complete their first actions and develop a habit of using your product. Add a
brief tutorial once users access the home screen of your app for the first time, or short and descriptive copy in
banners or other UI elements.

29
 Usability

Making payments

PayPal is well-known for its efficient payment

experience. Let’s see how it compares to Wise.

30
USABILITY - MAKING PAYMENTS

Sending money with PayPal

All new users are shoehorned into synchronizing their contact list first, and there’s no option to skip this step. Considering that PayPal offers
alternative ways of sending and receiving payments, including to and from users without a registered account, why place a hurdle?

31
USABILITY - MAKING PAYMENTS

Reducing or adding payment anxiety

PayPal features some cute animations and On the other hand, PayPal gives you the shivers when you try to
make a payment in a different currency. They automatically
stickers to send along with the payment. As a impose a proprietary conversion rate upon you, and they don’t
user, that’s a simple yet enjoyable element that make it easy for you to select an alternative path — card
conversion by the issuer. To enter this screen, you need to tap on
adds interactivity. “Convert currency with PayPal”, which is neither marked as a
button nor indicates that you can change the setting here.

Before sending your money, PayPal shows

a payment summary. This is a great anti- Understandably, PayPal makes money from currency conversions
anxiety step. Most users will want to make (often higher than the market rate!), but high rates plus higher fees
are also the reason why many people switch to competitor apps,
sure they are sending the correct sum of such as Wise, when it comes to sending money abroad.
money to the right person before
confirming the payment.

32
USABILITY - MAKING PAYMENTS

Sending money with

PayPal, continuation

33
USABILITY - MAKING PAYMENTS

Key takeaway

On any page that confirms money leaving the users account, show a breakdown and payment summary to reduce
anxiety and the urge to go back and double-check.

34
USABILITY - MAKING PAYMENTS

Starting the process of making payments with Wise

Before scheduling a transfer with Wise, users need to go through Wise lets you hold 50+ currencies and add funds to your account
several prep steps — completing KYC and opening a borderless in 19+ currencies. That’s more options than PayPal offers — they
bank account for at least one currency. Once you are done with only support payments in 25 currencies and let you hold 19
that, you can immediately send transfers in that currency or open currencies in your account.
an account in another one.

35
USABILITY - MAKING PAYMENTS

Topping up your account

When depositing funds into your account, you’ll But the app lacks a summary payment screen or a modal

window, which led me to topping up an account without

scroll through a list of options — with each listing reconfirming my decision.

the top-up fee and processing time up front.

When it comes to sensitive actions such as confirming payments,
asking again isn’t annoying — it’s reassuring.

You receive exhaustive details on how

much you are saving with Wise. This is a My first account top-up through Wise mobile app also glitched.
very persuasive reminder of the value you Instead of a confirmation screen, I ended up with a confusing
get from this service.
code screen, which activated my panic alarm. Soundly, Wise also
sends confirmation emails, informing if a top-up or transfer went
through. In Wise’s defense, I haven’t come across any bugs in the
web app over the last two years.

36
USABILITY - MAKING PAYMENTS

Key takeaway
To eliminate handled exceptions and UI freezes before they end up in your app store reviews, choose a robust
product analytics tool that shows crash analytics in real time. Integrate with session replay so you can match
crashes to sessions and replay the affected screens. Set up crash alerts through a Slack integration to stay on top
in real time.

37
USABILITY - MAKING PAYMENTS

Topping up a Wise account: error message

Wise lets you send payments in several ways — by using funds from your account balance or by pulling money directly from your card or
bank account. The fees differ slightly.

38
USABILITY - MAKING PAYMENTS

Sending money with

Wise, continuation

What stays constant is a detailed overview of your guaranteed currency conversion rate and a summary of all applicable fees. All along the
tunneling sequence, they persuade you that sending money with Wise is cheaper than using an alternative provider.

39
USABILITY - MAKING PAYMENTS

Sending and requesting funds

PayPal has a more direct payment experience. As Wise has a more extended payment setup process when

you use it for the first time, but their payment functionality

long as you know the person’s email or phone is more universal — the transfer goes straight to the person’s

number, you can send or request funds.

bank account.

You can also top up a person’s debit card for some regions
However, they built the flow on the premise that instead of asking for their IBAN. Wise also recently added an
option to send and receive money from other Wise users by phone
the receiver has or is willing to create a new
or email. While the initial payment setup is longer and requires
account. That’s not always the case. Since PayPal more steps, you can easily schedule recurring transfers with Wise
for listed contacts.
doesn’t warn about that when sending funds,
some people may be disgruntled to know the
recipient can’t access the money.

40
USABILITY

Sending a cash pickup with PayPal

PayPal and Wise are both competing for users in the remittance space. Wise doubles down on promoting
the convenience and ease of owning a virtual bank account and debit card. PayPal, instead, chips away
profits from incumbent cash pickup companies like Western Union and MoneyGram.

25 million
On PayPal, users get to see many familiar elements and a
payment sending flow similar to that of P2P payments — a strong
About cue on how to use this feature. Users can easily navigate through
the interfaces using pre-existing knowledge. Still, one of the
unbanked and underbanked consumers lengthiest forms lacked cues on mandatory fields — a minor
are digitally connected, so engaging them omission that adds up to major frustration.

via a convenient mobile app makes sense.

41
USABILITY - SENDING A CASH PICKUP WITH PAYPAL

Scheduling a cash pickup with Xoom

When sending money with Xoom, PayPal’s remittance provider, you finally get to see the exact exchange rate and service fees, but you can’t
choose to go for the exchange rate of the card issuer instead. For some, this can be a deal-breaker, and users could drop off at this point to
look for a better payment option.

42
USABILITY - SENDING A CASH PICKUP WITH PAYPAL

Scheduling a cash pickup with Xoom, continuation

The cash pickup flow felt longer than necessary. Sure, PayPal needs data for compliance purposes, but mobile users don’t have endless
patience. Some of the forms could have been pre-populated using account data (such as the sender details) to speed things up.

43
USABILITY - SENDING A CASH PICKUP WITH PAYPAL

Scheduling a cash pickup with Xoom, continuation

The biggest flop was that, after completing five screens, you get asked to provide your payment method once again (instead of suggesting
to use an account balance or linked card). In my case, I had a payment card rejected and was directed towards a non-helpful resource.
Interestingly, the same card worked well for sending a P2P payment.

44
USABILITY - SENDING A CASH PICKUP WITH PAYPAL

Key takeaway
Minimize the amount of input necessary from users. Pre-filling the forms speeds up the action and reduces the
number of errors.

45
USABILITY

Discovering a virtual banking

experience from Wise

At the beginning of 2021, Wise dropped message that corroborates the value. A nice touch from Wise: the
— often animated — on-brand graphics that also make the app feel
“Transfer” from its brand name. But it was more more interactive.
than just a change in brand identity — Wise also
expanded its product development vector. “Traditional bank accounts trap our money
Originally focused on fixing the cross-border in one country, making international lives
payment market, the company is now gearing up more difficult and expensive than they
to break the borders of international banking. need to be. We shouldn’t have to accept
this status quo. Today, we don’t. We’ll fix it
The current version of the Wise mobile app already has some
bank-styled features such as ordering a no-fee debit card,
with Wise.”
generating account statements, setting up savings jars, and -Wise
providing basic spending analytics.

The app emphasizes new feature launches in the notification bar

(also sent as push messages if you opted in), and each of these
new features comes with an educative welcome

46
USABILITY - DISCOVERING A VIRTUAL BANKING EXPERIENCE FROM WISE

Wise’s virtual bank account

Given the light use of my personal account, the analytics tab didn’t provide many insights. Overall, the interface felt a bit basic. All
transactions were marked as “general” since Wise lacked context. However, there was no straight passway to adding custom categories
from the analytics menu.

47
USABILITY - DISCOVERING A VIRTUAL BANKING EXPERIENCE FROM WISE

The card ordering process has a more polished flow.

Also, this is where you get to assign a category to your

transaction, though this option is not obvious. Users have to tap
Each step anticipates the user’s questions the assigned category “General” to access the screen with
available options. A pro is that getting receipts for transactions is
and addresses them through concise, clear easy, so is generating account statements. This is a very
copy. If you are concerned about costs, a convenient option for business accounts.

tooltip icon opens a modal help window

with plenty of information.

Similarly, you can repeat any earlier transfer with one click. In

this case, you do receive a confirmation screen with full

You can get exhaustive details from the transaction history transaction details and costs present — essential for preventing
stream, which can be found on the home screen. Users can view payment errors.
detailed information on conversion rates and fees associated with
every transfer or card transaction by tapping each one of them.

48
USABILITY - DISCOVERING A VIRTUAL BANKING EXPERIENCE FROM WISE

Virtual banking features on Wise

Wise also decided to place the “Rate the app” button at the bottom of this
screen. From a visual perspective, there’s room for it. But mentally, it does feel
odd that repeating a transfer and rating an app belong in the same logical
category. A better option may be programming a cadence of splashes or pop-
ups to remind users to rate the app.

49
USABILITY - DISCOVERING A VIRTUAL BANKING EXPERIENCE FROM WISE

Key takeaway
Use tooltips to provide extra context for users around costs, fees, terms, and conditions.

50
Engagement

3
Engagement

PayPal immediately asks users to opt in to receive push notifications during sign-up, as well as to agree
to receive promotional emails. Notification preferences are hidden within your account area but are easy
to deselect if you are receiving too many.

52
Engagement

PayPal’s notification preferences

The same can’t be said for marketing preferences. If you are with a PayPal account can update their email preferences,
getting more emails from PayPal than you’d like, you cannot whether they’re using a desktop or the mobile app. However, it’s
choose to receive fewer directly from the app. Users will be always best to keep everything in the app accessible from within
redirected to a mobile browser to update their selection. It’s the app for a smoother user experience.
probably done this way to have a single page where anyone

53
Engagement

Notification strategy on Wise

Wise was a bit less insistent with their communications. By

default, they send out transactional emails with updates around
Wise also tries to get users to subscribe to
outbound and inbound transfers. The app also sends over these marketing push notifications but, since
as occasional push notifications — which is fine since most users these are duplicates of what you are
want to know when money enters their account. already seeing in the in-app notifications
tab, the pitch feels a bit weak.

54
Engagement

None of the two apps needs to work hard to Key takeaway

re-engage users — most will come back Let your users choose how they prefer to receive
whenever they want to send more money.

communications from you. Even if users opt in to

So an offer to communicate via email, push notifications, and in- receive emails, in-app messages and push notifications
app notifications feels excessive. No one has the time or desire to shouldn’t be repetitive. Ensure these have different
read the same “amazing product update” three times. messages and purposes.

55
 4
Relevance
Relevance

PayPal (left)

and Wise (right) on

vs.
the App Store

PayPal and Wise promise to provide an easy way to send money. The difference is that PayPal errs more
on the side of commerce and P2P transactions, whereas Wise tries to hold the middle-ground between
money sending and being a full-fledged bank account.

Both apps address the user’s pain points of receiving and sending money, but
PayPal makes it abundantly clear that they are helping you pay for things,
rather than hold money in your account. Wise is more focused on showing
that their product is for holding and sending multiple currencies both as a
person and a business.

57
RELEVANCE

Since PayPal now has loads of features — listed in nine sub- Key takeaway
sections — their tagline of “Transfer Money & Mobile Pay” doesn’t
quite represent what the product does. Wise, on the contrary, Ensure that your app store description reflects both your
sticks with its “borderless” theme and positions itself as a “Money brand and your product. Address user pain points by
without borders” app. A bit vague? Yes, but visionary too. And it highlighting benefits over features.
does speak well to its target audience of anyone whose money
crosses borders.

58
Conclusion

5
Conclusion

PayPal and Wise pursue different audience PayPal - a one-stop-shop

segments. PayPal is focused on enabling anyone Perhaps due to an aggressive product development line, PayPal
— friends, family, online sellers, or freelancers — has worked hard to make their navigation match

their new features. While the main UIs are well polished, more
to easily send and receive money. They were one minor details — like lack of navigation options and missing tool
of the first money sending apps to hit the market, tips — make it a less cohesive user experience than Wise.

which puts pressure on them today to keep up Similarly, with many financial products under one hood, the
with mobile financial products. mobile app interface could quickly look a bit cluttered on devices
with smaller screens.

Given that there are so many other companies with similar value
propositions — Wise, Stripe, Cash App, Square, and Shopify
Payments are just some of the direct and in-direct competitors —
PayPal is forced to launch new features fast to retain existing
users and attract new ones.

60
conclusion

Wise — a shift to more transparency

If Wise is to deliver on their ambitious growth plans, they have a

chance to secure even more users, especially in emerging markets

Wise, on the other hand, has just entered a new growth stage. where access to traditional financial services is limited.

They are switching their focus from being a payment Consistent service levels and reliability help Wise engage existing

infrastructure partner for other fintechs to becoming a digital users — at least until other banks drop the prices for cross-border

banking app of its own.

payment to Wise’s baselines.

Compared to PayPal, their pricing for cross-currency money That said, the user experience of both apps can easily be

transfers is more transparent and competitive — and that’s why improved. The one that leaves users feeling the highest level of

users love Wise. Similarly, they allow depositing funds straight safety and security will become the go-to for money transfers —

into the sender’s bank account, so this app appeals more to and more.

people sending larger sums.

61
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62
Fix issues and user frustrations



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63
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