Why only paypal and ebay? Why top tech companies do not open such platforms?

[akram143]

OP, Google and amazon too have such services but not completely similar to Paypal.

Google has Google pay and Amazon have amazon pay and lot other ewallets are available and in India Paytm also available and no matter what you have it should follow the regulations of your nation and can't go out of the box.

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[nelson4lov]

The real reason why only one company dominates a particular industry is simply because:

1. Reinventing the wheels: Most of the time, Its not ideal to redo something that is already working. It makes zero sense. If you must reinvent the wheels, then you have to offer a lot more than the status-quo else your product will be dead on arrival and people will continue using the brand they trust.

2. Resources: It might look easy to join use an app like Uber to get a taxi but it takes a lot of engineering power and moving parts to get those functionalities in place. Majority of the times, newer companies don't try to build a similar product because of this.

There are other reasons but these are part of the main reasons  I could think of right now.

[adzino]

You really think those people never thought about it? Those top tech companies have "top" level advisers and they probably know it is not a good idea to open such platforms. They know its not worth opening anything like paypal (though I am not sure if you are aware that there ARE platforms like paypal. You didn't look for them or they aren't available in your country). And paypal have their own reasons to freeze account. Its not like they chose to freeze your account, its more like the "had" to freeze your account for their "security" reasons. I am sure if they don't follow all those security measures, they will be in big trouble. And I can assure you, those "top tech" companies aren't going to be any different than paypal when it comes to freezing account.

[stomachgrowls]

In today's world, it is not difficult, if they make me their CEO, I will be able to do so.
People who have funds have no idea, people who have ideas have no funds. Thats truth.

It's simply because things aren't as easy as you think. Not because they have the funds that it automatically means that these companies' CEOs can just go "hEy GuYs LeTs JuSt BuiLd a NeW PaYpAL LUL" and compete against the other giants just because they can. I mean, the CEOs of these companies are some of the smartest and most talented people in Silicon Valley. If it was as easy as you thought, they would've built them already.

I do wonder on what would be your face looks like when you are on the actual situation on thinking off to build something with just a single thought in mind and implementing right away?

Agree though that people who do had the better idea doesnt really have the funds but i dont really believe that those people that do had the funds didnt consider or havent those thinking on making one.

They know that they can build something even more which is an add up into their current service but to maintain on having multiple will really be not easy as it sounds.

So company owners would just rather decide to stick to one and try to polish it through the years and making themselves to be the best in service that no one can easily beat up.

[sana54210]

Every companies have their main focus, and that’s what they believe would work for them and that’s where they are focusing their resources. And FYI we already have so many of those payment methods, the problem is that people keep making use of PayPal and not given the other platforms a chance.

Payoneer is a good platform, and yes I have used it for some years now and it works really good, best part of it being that you can also withdraw your money from ATM, though the fees can be something else. There is also Cash App, and there used to be Payza and nobody is talking about that one, so the question should be why people are not using these other platforms. Facebook also tried to launch Libra, have you forgotten so soon?