Possible PayPal Killer

Chronos · Mar 16, 2011

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.

killer2021 · Mar 16, 2011

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).

premiumsource · Mar 16, 2011

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.

zalpriest · Mar 16, 2011

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.

Chronos · Mar 16, 2011

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.

dgaunn4114 · Mar 17, 2011

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.

Theodore · Mar 17, 2011

Hopefully They do kick PayPals arse

Autumn · Mar 17, 2011

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.

Chronos · Mar 17, 2011

Autumn said:
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.

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.

pyronaut · Mar 17, 2011

premiumsource said:
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.

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.

CyberDilemma · Mar 17, 2011

Chronos said:
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.

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

Chronos · Mar 17, 2011

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

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.

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