Roqqett Blog

August 4, 2021
Author: Sara Mucciolo

The battle of financial apps: Roqqett vs PayPal

What is the difference between the two? Which is better? We’ve compared them for you...

Quick Summary

  1. Roqqett vs PayPal at a glance
  2. The how and the who
  3. Logins
  4. Cost
  5. Accessibility
  6. Payments
  7. Transaction limits
  8. Sending money
  9. Getting paid
  10. Moving money
  11. Supporting businesses
  12. Security
The battle of financial apps: Roqqett vs PayPal

Let’s face it, PayPal is one of the more established payment platforms on the market. It was developed over 20 years ago and is used by both consumers and businesses to send and receive money. Naturally one would assume that because it is well-known and has been in the game for quite some time, that it is the go-to option, but is it actually the best? Keep on reading to educate yourself about your options and learn more about Roqqett, a new contender in the space… no pun intended. 


Roqqett vs PayPal at a glance 


To ease you into the plethora of information, we reviewed both Roqqett and PayPal based on their ease of use, platforms, timeframes, costs and any additional features they provide. 



The HOW?


Before we get into the nitty gritty, let us clarify how each financial app works. Both Roqqett and PayPal have financial mobile apps. Roqqett functions using Open Banking technology (link to article about open banking) , while PayPal utilises older card based technology, ultimately enabling digital payments. This means they process payments by extracting funds from the user's connected card or bank accounts for peer to peer and online payments. That being said, what’s the difference? Well, PayPal, although ample in its payment methods, is, simply put, not as fast and takes a few more screens to complete. Roqqett is all about convenience and optimal user experience. This means that Roqqett powered payments are seamless, fast and simply put, simple. 


The WHO? 


While PayPal is available for P2P payments, it is largely known for being the “quick” checkout alternative when shopping online. It essentially allows merchants to have more than just the credit card detail option for payments, while also offering the added bonus of buyer and fraud protection. It has all your addresses on file, so when you checkout by paypal your payment details and shipping info are auto filled saving you from typing it all out again. 


Roqqett on the other hand has been developed as a true payments ecosystem. With both the consumer and merchant apps launched, it is the easiest solution for sending and receiving money between 2 or more people (P2P payments) and for merchant sales. Like PayPal, Roqqett is due to launch the last piece of the puzzle to complete the payment ecosystem: an E-checkout. This means you will now be able to tap a pay with roqqett button when shopping online, and trust us when we say it’s fast! 


That being said, let’s compare and tally some scores… 

Logins


Remember when I said PayPal was the “quick” checkout alternative, well I meant “quicker” than having to first find where you left your wallet and getting your credit card out to type in the details. It can be quicker than traditional payment methods, but let’s be honest, who here has cursed the infamous PayPal login at least once in their life? That’s right, everytime I tap the pay with PayPal button, I immediately start regretting my decision. For some reason, my password never seems to be the right one, thus leaving me in a frenzy of having to go through the whole process of “Forgot your password?” and as we know that’s just more time consuming than if I just entered my card details at the initial checkout. 


Roqqett’s technology scraps all of that and makes sure that you can confirm payments as quickly and safely as possible, without having to rely on just a password. The Roqqett checkout will allow users to simply authenticate payments via the Roqqett app using biometrics, which are safer, more secure and faster. That’s right! If you’re shopping on your laptop and checkout with Roqqett for the first time, all you have to do is scan the QR code which directs you straight into your already set up Roqqett account. Better yet, if you’re already shopping on your mobile, it redirects you through the same process in mere seconds. And that is only for the first time you check out with Roqqett, because anytime after that, the payment process will be even faster. All you’ll have to do is approve the payment by confirming the notification Roqqett will send on your phone and you’re done. 


Moreover, because Roqqett is still making a name for itself, it is likely not many people have the Roqqett app on their phone… but that’s ok because it allows for anonymous payments! This means that anyone, even those who don’t have Roqqett installed, can pay using Roqqett by simply having their mobile banking app on their phone to  confirm the payment. Talk about inclusivity am I right!? 

Cost


It’s a tie for costs. Both Roqqett and PayPal are free apps that can be downloaded on iOS and Android devices and free for sending payments to friends and family. 


Accessibility


Both PayPal and Roqqett are highly accessible in the sense that users can make payments both online and via their respective apps.


However, while PayPal requires you to set up some form of payment method by connecting either a bank account or credit card in the app in order to make payments, Roqqett gives you the option to remain anonymous. As long as they've got a banking app on your phone then you can pay with Roqqett even without creating an account. However, Roqqett is even better once you do connect your bank accounts, as it will allow you to see all your balances and transactions together, as well as receive money from your friends instantly. 


Withdrawal Timeframe 

PayPal payments can take up to 3 business days to settle (and sometimes longer!), which basically means you have to wait to get your money back before you can spend it. 


Roqqett on the other hand provides instant payments once you connect your bank accou. No waiting around, which means you can start spending or saving your own money straight away, making Roqqett win this round. 


Payments 


Both Roqqett and PayPal allow users to make payments by using their linked bank accounts in the respective apps. However, Roqqett goes the extra step, allowing users to pay Roqqett payments without actually needing the Roqqett app installed. You might want to read that last sentence again so that it really resonates with you… I’ll elaborate. You can pay a Roqqett user or a Roqqett QR code on a website without needing Roqqett.  


As mentioned earlier, PayPal is commonly used by online merchants on their ecommerce checkouts as an alternative payment method to cards. Similarly, PayPal also allows for in-person transactions by allowing its users to scan merchant QR codes and pay via the app. 


The same goes for Roqqett. We already touched upon the e-checkout, but what about the in-person transactions? Well, Roqqett has developed a tailored product for businesses to use when taking payments from their customers. This is the Roqqett POS app, which works like this: 

  1. The merchant types in the amount 
  2. A unique QR code is generated for the customer to scan with their camera 
  3. The customer pays via the Roqqett app (or mobile banking app) and the merchant gets their money instantly. 


In a nutshell, when you make a payment with PayPal your money goes from PayPal account to PayPal account. With Roqqett, it goes straight from your bank to the destination bank account, which means no keeping track of extra accounts, just your normal bank account. 


We’ll give a point to both apps because at the end of the day, online and open banking payments are in general better than any card or cash payment out there. 

Transaction Limit 


This win goes to PayPal, where the sending and receiving payments limit in the UK is £1000 and £1900 respectively for P2P payments.  


Roqqett P2P payments access your bank transfer limit, which essentially means your bank has the final say. 


Sending Money

Sending money is a feature both PayPal and Roqqett have mastered in similar and different ways. 

Both allow for easy P2P payments to other respective app users. Whether that be by linking contacts or engaging in an advanced search, users can see who already has the app (Roqqett or PayPal) installed and easily send them a payment. 

Both allow for bank transfers in different ways. Roqqett automatically populates your contacts with payees already set up in your bank accounts, which means no need to do the work twice. PayPal on the other hand utilizes its Xoom service to allow users to send money to someone’s bank account or cash pickup location in over 130 countries, even if the recipient does not have a PayPal account (with withdrawal times and fees varying by country). 

Lastly, Roqqett also allows for nearby payments, where users can scan for nearby payment requests using the app. This essentially means that they can “airdrop” payments if they are nearby other Roqqett users sending out a payment request. 

Due to the wider country range, we will award the point to PayPal, however, if you only care about UK payments then Roqqett will certainly do the trick with the added nearby payment feature. 

Getting Paid 


Getting paid is slowly becoming the main reason why people love downloading payment apps, as they are tired of having to chase people for owed money. Both Roqqett and PayPal do a great job of payment request features.


With PayPal you can request payments in three different ways:

  1. Via a PayPal.Me link  
  2. By splitting the bill 
  3. Advanced search

With Roqqett you can request payments by:

  1. Share a unique payment link (with and without specified amounts)
  2. Airdrop nearby payments
  3. LaunchCodes

Both winners here. 

Moving money

Both Roqqett and PayPall allow users to link multiple bank accounts to pay from. However, Roqqett comes out on top as it grants users the ability to move money seamlessly between their accounts directly via the Roqqett app. This means it's way easier to budget and top up accounts when you need to.

Supporting Businesses 

Although PayPal supports businesses with a multitude of ways to get paid by their customers (online, in person, via QR Codes, phone or email), as well as offer fraude and seller protection to protect merchants from chargebacks and reversals, little can be said about their fees. PayPal’s merchant transaction fees can go up to 2.90% + fixed fee. This means more of the merchants’ profits are taken away from them.

Roqqett on the other hand, prides itself on supporting growing businesses and it achieves this by providing low cost payments that clear instantly. What this entails is essentially allowing merchants to get paid instantly by their customers at only a 0.5% transaction fee. That’s 83% cheaper than PayPal because no middle men are taking their cut with their added fees.  

Security


Both brands are extremely secure, as they are authorised and regulated by the Financial Conduct Authority. Similarly they both utilise data encryption to ensure buyer protection. 



Conclusion:



Overall, although both brands are winners in the payments technology space, we have a clear favourite. Roqqett is faster, cheaper and simpler. With greater room to grow, the potential is endless, which only means that this hungry underdog is ready to tackle big faceless multinationals like PayPal and provide a much simpler and cost-effective user experience for both consumers and businesses alike.


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