10.27.2007

PayPay is the new alternative of PayPal

Recently there is a boom of new on-line payment solutions and each of them is aggressively trying to attract costumers by all means available. This particular site: PayPay is easy to be mistaken (I didn’t even noticed the difference in the name with the PayPal).

I first noticed the similarities not only in the names but in site design and functionality. Then when I looked deeper and I found very interesting new features like:

1. It is possible to have several PayPay accounts with different currencies and each of them to have different email address and cell phone number.

2. Improved mobile phone functionality: it is easy to transfer funds to anyone on cell phone number. It is really revolutionary that you can transfer funds without logging in PayPay system through the internet only by your mobile phone.

3. Costumers can receive funds on their PayPay accounts from anyone, even if the sender is not a PayPay user.

I plan to test this payment processor carefully mainly because I liked that fact that they are innovative and the superb functionality of their web site (much better than PayPal). Of course they are going to need time to develop the system completely and include more counties in their list but so far it looks really good.

You can take a look by yourself: PayPay

10.21.2007

Definition of online payment systems

The on-line payment systems are e-commerce businesses allowing money transfers to be made only through Internet (most of them maintain fully functional mobile applications). They function as a fast and secure electronic alternative to traditional methods as cheques, money orders or bank transfers. The systems perform payment processing not only for online vendors, auction sites, and other corporate users but between their costumers, for which it charges a fee which is much less than the bank wire transfer equivalent

The so called "online wallets" allows their customers to:
1) Pay online with revealing their credit card details
2) Transfer money to each other at very low cost often less than $1,00
3) Add and withdraw funds directly to bank accounts
4) Most of the companies has prepaid card so there is no need for you to even have a bank account or bank card

Most of the companies are strictly financially regulated so they are as secure as banks.