posted on October 31, 2000 07:21:55 AM
Citibank is going to offer a new email cash service to compete with Paypal et al:
<http://www.msnbc.com/news/483480.asp>
Frankly I don't understand why Citibank expects buyers to use this service instead of Paypal to pay for auctions: Paypal is free to the buyer; after an introductory period the Citibank service will cost $2.
posted on October 31, 2000 07:30:17 AM
Bank of America, AOL, and the USPS are each developing an email payment service also. The USPS service might not happen, they've taken some flack from government officials for some recent competition they've offered private companies via their BillPay service.
posted on October 31, 2000 08:07:56 AM"Haven't you folks learned your lesson yet about these on line payment services?"
You mean that as a buyer I'm better off going out and purchasing a Money Order or Cashier's Check and snail mailing it to the seller? I guess I haven't learned my lesson then. E-mail beats a trip to the Post Office for me still. Maybe I'm a slow learner.
All things being equal with a video of Wizard of Oz as a buyer I'm going to bid on the one that will save me a M.O. purchase and 4 days.
posted on October 31, 2000 08:23:57 AMFrankly I don't understand why Citibank expects buyers to use this service instead of Paypal to pay for auctions: Paypal is free to the buyer after an introductory period the Citibank service will cost $2.
It could be because CitiBank is one of the largest and most profitable banks in the world with branches and affiliates all over the globe. On day one, their name recognition, financial stability, and reputation will dwarf PayPal's.
Edited for speeling...
[ edited by abingdoncomputers on Oct 31, 2000 08:24 AM ]
posted on October 31, 2000 08:45:25 AM" On day one, their name recognition, financial stability, and reputation will dwarf PayPal's."
I thought that Bank One would have done the same thing, but eMoneyMail doesn't get much use on eBay. They've been around since April at least.
I'd have bet money that First Data (Western Union) would have been a major player by now but MoneyZap just doesn't get used, after having on my auctions for 2 months without a single taker I've begun removing it from my listings this week.
