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New cash transfer service rivals PayPal
 

Good Bye Pay-Pal, And we wonder why they have acted this way for years. They knew their run would be short lived


Banks launch clearXchange transfer system to rival PayPal - May. 25, 2011

That is great news now if all the banks get it not just the big named ones that would be sweet. No more paypal middle man this will help considerable for services sold here :) cause scammers wont be able to file bogus disputes to get a full refund. But money bets that ebay will have this method as a ban for useing to pay for items on ebay claiming its unsafe an that nonesence.

This is huggggge

I do think PayPal need to be rivaled in order for them to be 'made' to improve their service in many areas.

Doesn't mean much if eB won't let you use it. GC has been around for years and ppl threw around the same praises when they first started.

Do you really think that the service started by major banks would be easier to get around than PP?

Have fun trying to get around the new service, I know I'll try. Always easy to take advantage of new services the first year.

In the beginning Ebay banned paypal as unsafe, that is until they brought them and got a cut.

In the beginning EB banned no one. Western Union was the vendor of choice for scammers.

it still wont win paypal

ebay will make it to where if u sell on ebay your only opition will be paypal. This will win for people who use paypal for other things :D

This is a great system imo, but they will never beat paypal unfortunately.

I wouldn't bet on that - Paypal needs the co-operation of the banks to operate. This is a completely different ball game to GC. Something to be watched with interest I think
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This will completely change the game hands down. Other sites will pop up, and ebay will slowly fade.

:eek::eek: Wow this is awesome news!

I want to see paypal and ebay drop to their knees, so I can slap them with my glove and turn and walk away.

eBay will fight this tooth and nail. All of their earnings growth is coming from PayPal. They don't want a rival service taking their revenue.

When Google Checkout started, eBay claimed they could not give them "approved" status as they were not a proven service and they had safety concerns.

Of course,that was complete BS. Google may have started with a couple of college kids in a dorm room, but by the time Google Checkout came into existence, it was a major corporation already. Whatever Google Checkout's faults may be, I have never worried about them becoming insolvent or declaring bankruptcy.

So, even though whatever excuse they come up with for not approvng the new service will seem silly, they will try to announce their denial with a straight face and then do what they do best. Refuse to ever change their position or discuss it.

While I think jeffweico has got a good grasp on what is happening here I'm not sure I agree totally with him.

The fundamental difference between GC and this is that none of the payment service providers can exist without the banks but the banks can exist without them.

It only takes someone like Amazon to get on board with this and Ebay are going to be in a whole load of poo. It's going to take time to roll out but if you can do business without the likes of Paypal dipping in your purse you will.

In growth critical mass is important and I also think in recession you have the same importance.

In the event of a sales venue getting on board with this that has enough clout (Google Auctions?) you could well see a trickle and then a flood away from EB & PP.

The problem that any new start up has is the same problem that has dogged Ebay for years - and that's the sale of counterfeits and scams. While I readily accept that as a subject this can make uncomfortable reading it is a fact that the sales of the ⊗⊗⊗⊗ coming out of China and the resultant publicity has forced Ebay into an overkill situation. I don't think any new system is going to bring comfort to sellers of VERO items.

Ebay cannot be seen to back peddle on its policys without a huge change in its management structure and as with any chaos it is impossible to predict the outcome but I certainly think that certain executives may be having a few sleepless nights. Couple this with the reports of senior executives selling large amounts of stock and we may well be seeing the start of potentially revolutionary changes in the online sales market
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The banks will win here.

I think so too :pop2:

Might work well for Net business in general but for eb ay specifically, they will continue to fight back as usual.

I don't disagree with you RSOT, they will fight like rats in a barrel, but they will change nothing. If the banks set their mind to take that market Ebay will have one of two choices - play with them (which could be the worst scenario) or pack up and go home. I'm not sure if they would do either.

The change will come if someone like Amazon or a new player come onto the playing field. At that point all the disaffected sellers on Ebay may well leave. No sellers = no buyers = no Ebay = no Paypal.

Far fetched? maybe. But not beyond the realms of possibility
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I agree that this will definitely take business from PayPal. I just don't see eBay allowing it as a payment option.

For anything else, it is a no-brainer. Take care of the pasyment through your existing account without having to sign up for anything? That will work for most people.

The only thing to slow it down will be if the banks get greedy and decide to charge heavier fees on each transaction.

Remember, ATM's were once free. The banks wanted people to use them instead of bank tellers since it cost them less. As soon as people got used to it, they started imposing "convenience fees".

I don't know why this would be good, that would make it hard for stealth, paypal is still the best for that.

wow

am not sure this is a good thing

we would not be able to create stealth clearxchange accounts accounts,it would be braking the law to open a bank account with ⊗⊗⊗⊗ details

if your clearxchange account got the 180 days seeya later,dont come back again message,

that would be it,game over,unless you want to risk a prison sentence or a heafty fine,no thanks