The application prospects of Dogecoin in the payment field face tough competition from traditional players like PayPal. While Dogecoin offers fast, borderless transactions with low fees, it lacks the regulatory compliance and wide merchant acceptance of PayPal. Its meme - coin nature also raises doubts about stability. However, if it can secure partnerships with major merchants or gain regulatory approval in key regions, it could carve out a niche. Otherwise, competing with established payment systems will remain an uphill battle.