It stands out that Paypal is set to face another competitor in the form of American Express. It appears that American Express aims on going head to head with Paypal in rendering the need to move cash all across the globe.

According to a former report by Fool, "Moving beyond the need for cash is a major step in every economic system, and the financial industry has made it its mission to try to bring innovation to how the world pay for things."

American Express was regarded as one of the main pillars in the payment system industry along with its charge-card products. It is critical to point out that for many years, the American people have relied on their AmEx cards to settle their payments anywhere they go.

Nevertheless, as both companies seek solace and refuge in the online mobile payments, the race is on dominate the industry. As for American Express, even though it lost a quarter of its value in the last 12 months, it is not hindered by the idea of going against with Paypal.

In addition, American Express has a long history of solid performance, and it's reasonable for investors to think that its recent woes are just another bump in the credit card pioneer's extensive history of success, according to the same report. In line with that, there are notions that Paypal offers more growth opportunities than American Express.

On a different note, this is not the first time that Paypal struggled with competing against another company or firm. A prior report from Jobs & Hire has revealed that Paypal and Western Union are on the race to gain dominance in Cuba and both have also set the bar higher in the region.

It is not yet clear how how the two giants in the online world of business would implement their strategies and outwit each other to attain supremacy in the competitive world of business and industry.