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Possible PayPal Killer

Discussion in 'BlackHat Lounge' started by Chronos, Mar 16, 2011.

  1. Chronos

    Chronos Junior Member

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    I came across an interesting article today.

    http://abcnews.go.com/Business/wireStory?id=13150739

    Could this be a PayPal killer?

    I mean Visa is a 60bln dollar company with 3.6bln cash in the bank. So throwing 100M at this project would be absolutely nothing. I know the project is starting out as a system to pay back relatives, and such, but could it develop into a payment system much like PayPal? Without all the ridiculous fees, and nazi-like grip on YOUR money.
     
  2. killer2021

    killer2021 Regular Member

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    well as an online merchant I think what you need to do is just accept a variety of payment processors. Accept credit/debit transactions, checks, paypal, and the myriad of other processors out there.

    The only reason everyone uses paypal is because every customer trusts it and uses it.

    Visa might have the brand power to push a paypal clone so they have a good chance. In the end, everyone wins since paypal will have to stay competitive against visa if they want to win the battle (means lower processing fees for everyone).
     
  3. premiumsource

    premiumsource Senior Member

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    Seems very convenient, since money will be sent directly to your Visa/bank account and you don't have to mess with transfers which can take days - Paypal.
     
  4. zalpriest

    zalpriest Regular Member

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    Paypal needs the competition from a bigger company. They simply have a monopoly on all online transactions, that's the only reason why they do the things they do. I guarantee that if another big name shoots up they will stop being such meanies.
     
  5. Chronos

    Chronos Junior Member

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    I hope this Visa thing does take off.

    Personally, I've filled out small business loans that take less time / energy than what PayPal requires for verification.
     
  6. dgaunn4114

    dgaunn4114 Junior Member

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    Amen for competition. There really is no viable alternative to paypal right now. A company like Visa has the best shot to dislodge their virtual monopoly.
     
  7. Theodore

    Theodore Power Member

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    Hopefully They do kick PayPals arse :)
     
  8. Autumn

    Autumn Elite Member

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    I dunno if you guys ever used epassporte, but this technology has already existed with visa debit cards for a while. However it was run by satellite companies like epassporte, rather than officially being run by visa itself.

    I never understood why more mainstream affiliate programs didn't pay with epassporte - it seemed to be limited to the adult side of things. It's a real pity epassporte went tits up.
     
  9. Chronos

    Chronos Junior Member

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    I agree with you, but these companies like epassporte can't spend 100M in advertising and development and be "okay" if it doesn't work.

    Maybe PayPal should look to buy out epassporte mainly for it's technlogy, make a few changes, and start out with a steady flow of revenue.
     
  10. pyronaut

    pyronaut Executive VIP

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    For people who are overseas aswell, it can be a huge headache when the money gets put into paypal, then into your bank. Fees get taken off, and then really really bad exchange rates. It makes doing your tax forms a nightmare.
     
  11. CyberDilemma

    CyberDilemma Regular Member

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    Where have you been? Epassporte closed up shop and ran off with everyone's money months ago.
     
  12. Chronos

    Chronos Junior Member

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    LMAO, I didn't know. All I get is checks in the mail and direct deposits in the bank. The good 'ole fashion way of getting paid.