Paypal seriously needs competition.
Practically impossible at this stage.
People are not trusting with their finances especially online. Paypal has years of background service and has been good to plenty of people including me.
It would take years for someone to get to a stage where they can compete with Payapl and it would take a LOT of money.
Nobody is going to entrust their financial security to a startup.
I might be convinced to switch to use a different company if someone can show a decade of doing what Paypal already do but to a much higher standard.
Like I said, practically impossible.
Without showing experience and offering much better service I have no reason nor desire to entrust my finances to anyone else.
Paypal have always done right by me and have proven more reliable than our credit card companies when things have gone wrong. Got to the point where I won't even use our cards online anymore, everything online goes through Paypal.