New! Visa will compete Paypal

by sam770
55 replies
I was very happy to see the new announcement by Visa: they are about to compete Paypal!

Source - Visa announces PayPal-like payment service for U.S. consumers | BGR

I love paypal but its important that they feel that they are not alone...
#compete #paypal #visa
  • Profile picture of the author MissLizzie
    Wow! Thanks for the update - I'm just a bit gutted that they're not introducing it in the UK yet. I'll have to wait and hear how everything goes for you guys in the States.
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  • Profile picture of the author Online Bliss
    If Everything is working Globally (is that a word?)
    That would be a welcome alternative to Paypal.

    I love paypal but its important that they feel that they are not alone...
    Nicely put Sam, however I hope they kick butt!
    I was hoping Google Payments would have been bigger competition to Paypal
    but I can imagine Visa rising to the occasion.
    Good News
    Thanks Sam.
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    • Profile picture of the author sam770
      Thanks Larry,
      Just like you, I also hope that google checkout will be good alternative to merchants outside of the us+uk
      I am almost sure that they will do so within a year or so


      Originally Posted by Online Bliss View Post

      If Everything is working Globally (is that a word?)
      That would be a welcome alternative to Paypal.

      Nicely put Sam, however I hope they kick butt!
      I was hoping Google Payments would have been bigger competition to Paypal
      but I can imagine Visa rising to the occasion.
      Good News
      Thanks Sam.
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  • Profile picture of the author anthony2
    That sounds great...Paypal needs some real competition.
    If paypal see more and more business owners going to visa
    maybe they will be more friendly to the online marketer.

    Google Checkout was suppose to be the one to give Paypal
    a run for its money. It didn't turn out that way.

    Maybe it will be different with VISA now.
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    • Profile picture of the author sam770
      Originally Posted by anthony2 View Post

      That sounds great...Paypal needs some real competition.
      If paypal see more and more business owners going to visa
      maybe they will be more friendly to the online marketer.

      Google Checkout was suppose to be the one to give Paypal
      a run for its money. It didn't turn out that way.

      Maybe it will be different with VISA now.
      Anthony, I think that google checkout is not a serious competition to paypal yet because they support (from the merchand end) only the uk+us
      They suppose to expand their service also to merchants outside of the us+uk and when this happened I am sure that people will see them as a great alternative to paypal. do not forget that checkout is not "another" payment method... its a service that own by google
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  • This is going to be awesome. Its about time someone gave Paypal a run at their huge market share.
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  • Profile picture of the author jonyy
    Another big competitor is Alipay. Look what is written in the news:

    While the Paypal growth story is strong, Alipay recently surpassed it as the world's largest online payment platform. Alipay now averages 8.5 million transactions a day, at a transaction volume of $378 million. It also boasts more than 550 million registered users, compared to Paypal's 94 million active accounts. Combine that with the fact that only about a third of China's population has access to the Internet and you begin to see the value to Yahoo! shareholders of Alibaba, let alone Alipay.
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  • Profile picture of the author Dash Evra
    This is great news! Hopefully it will mean I no longer have to deal with those ridiculous customers trying to get refunds because they know paypal tends to favors buyers over sellers in their dispute decisions.
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  • Profile picture of the author christopher jon
    This is great news! Hopefully it will mean I no longer have to deal with those ridiculous customers trying to get refunds because they know paypal tends to favors buyers over sellers in their dispute decisions.
    A lot of refunds on paypal are not paypal virtual money refunds but visa purchases. It's something that paypal doesn't have a lot of control over and are at the mercy of credit card refund policies. Don't expect serial refunding to get any better.
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    • Profile picture of the author theemperor
      This won't be as good as Paypal.

      Paypal covers all cards and bank methods of payment. With Visa you need to get a Visa credit or debit card and not everyone can get one.

      It does mention sending funds from a bank account to a Visa, but that is already possible. I did it the other day :-). But again that isn't like paypal.

      Paypal is about click this button then pay. No messing about.
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      • Profile picture of the author :Elective-
        I don't see how hard it is to get a Visa card. All it takes is to be 16 years old :/


        Originally Posted by theemperor View Post

        This won't be as good as Paypal.

        Paypal covers all cards and bank methods of payment. With Visa you need to get a Visa credit or debit card and not everyone can get one.

        It does mention sending funds from a bank account to a Visa, but that is already possible. I did it the other day :-). But again that isn't like paypal.

        Paypal is about click this button then pay. No messing about.
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        • Profile picture of the author Kay King
          Visa personal payments are already offered by financial institutions outside the U.S. with more than 70 programs around the world enabling consumers to send funds to Visa accounts.
          Looking to expand into the mobile market - but we don't know what limitations might be on it until it launches. There was much excitement on the WF when Google launched a payment service - but it's not been IM friendly.

          Visa has a name big enough to complete with paypal but seems to be a lot of "systems" needed to do it.

          Popmoney
          ZashPay
          Fiserv
          CashEdge

          I'm sure the above are useful, reputable services but added to Visa that's five "services" that would handle my financial information. With so many services involved will be interesting to see the fee structure as well.

          A year from now we'll know how good it is.

          kay
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        • Profile picture of the author seasoned
          Originally Posted by :Elective- View Post

          I don't see how hard it is to get a Visa card. All it takes is to be 16 years old :/
          *****WRONG*****! It is all but ILLEGAL, because they changed the law, in the US anyway, like a year or two ago. HERE are some changes:


          Other provisions of the bill include:

          •Fines of up to $5,000 for card issuers that violate the act.
          •Banning universal default and double-cycle billing.
          •Prohibiting over-limit fees unless consumers agree to allow transactions that exceed their credit limits to go through rather than be denied.
          •Fees for late payments, over-limit charges or other penalty fees must be reasonable and related to the violation.
          •Extending the life of gift cards and gift certificates so that they cannot expire within five years of activation. Banning dormancy or inactivity fees on gift cards unless there has been no activity in a 12-month period.
          Banning credit cards for people under the age of 21 unless they have adult co-signers or show proof that they have the means to repay the debts. College students must get permission from parents or guardians to increase credit limits on joint accounts they hold with those adults. The new law will ban those free pizza and T-shirt giveaways -- popular on many college campuses -- if students sign up for credit cards. Colleges, universities and alumni associations would have to disclose the nature of contracts they sign with credit card marketers allowing access to student and alumni contact information.
          •Requiring that card issuers disclose how long it would take to pay off credit card balances if cardholders make only minimum payments each month and how much users would have to pay each month if they want to pay off their balances in 36 months.


          Read more: Obama signs credit card reforms into law
          Compare credit cards here - CreditCards.com
          BTW What kind of proof can a 16 year old really show and be bound by? And Adult cosigners would have to have credit and would obligate themselves.

          Steve
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          • Profile picture of the author Exfilius
            Originally Posted by seasoned View Post

            *****WRONG*****! It is all but ILLEGAL, because they changed the law, in the US anyway, like a year or two ago. HERE are some changes:



            BTW What kind of proof can a 16 year old really show and be bound by? And Adult cosigners would have to have credit and would obligate themselves.

            Steve
            Obviously, you have no clue what the difference between a debit card and a credit card is.
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            • Profile picture of the author yukon
              Banned
              Originally Posted by Exfilius View Post

              Obviously, you have no clue what the difference between a debit card and a credit card is.
              That's what I'm thinking.

              It also looks like this might be one step easier than a debit card (which is already easy to get), If they allow prepaid gift cards with the visa logo on the card.
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              • Profile picture of the author zabruce
                The developments underway in payments will change this landscape quite dramatically.
                However, the banks and card associations (Amex, Visa, Mastercard et al) are very happy with the current barriers - they make a lot of money from the "friction" in the payments system.
                So there are now tens of incomaptible mobile payment mechanisms (Like Obopay), and PayPal and Alertpay and - maybe I will finnish that payment processors site of mine...

                The take away is that governments are content to let low value payments go relatively unregulated but there is a lot to do relating to systemic risk and all that.

                So - for bankers this will be a revolution, at breakneck speed. For the rest of us the glacier will continue to melt, but it will feel like forever...

                As an example, M-Com was acquired by one of the big core banking software providers. So you can expect really integrated mobile banking within a couple of years. For those banks that have this software installed, and actually apply the updates, and have the ambition to do it.

                The real changes are being driven out of Africa where there is real money in mobile - look at M-PESA. But that is not going to do anything for you in e-commerce payments. Not for some time at least.
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        • Profile picture of the author theemperor
          Originally Posted by :Elective- View Post

          I don't see how hard it is to get a Visa card. All it takes is to be 16 years old :/
          I have to fill in a form, prove who I am etc. Ok it is not hard, but if I am at the checkout and I have to apply for a VISA card to pay, and wait for it to arrive by post, then I just won't buy the product. I'll buy someone else's product.

          However if they accept paypal then, as a result, they accept any credit card (visa or otherwise) as well as bank transfers and check/cheque payment.
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      • Profile picture of the author robfrancis
        Originally Posted by theemperor View Post

        This won't be as good as Paypal.

        Paypal covers all cards and bank methods of payment. With Visa you need to get a Visa credit or debit card and not everyone can get one.

        It does mention sending funds from a bank account to a Visa, but that is already possible. I did it the other day :-). But again that isn't like paypal.

        Paypal is about click this button then pay. No messing about.
        I have to agree with you theemperor. Any barrier to entry that the competition don't have is just another reason not to use it. I'd love to see more Paypal competition - and it would appear I'm in good company there - but limiting the cards to Visa only is bound to put some people off. The trend is currently going away from getting more credit cards generally speaking isn't it?

        Regards,
        Rob
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  • Profile picture of the author MikesTraffic
    This is so badass!
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  • Profile picture of the author daddykool
    G Checkout is the real way forward for *online* payments, as more and more peeps get the later versions of Nexus / Galaxy / HTC devices, loaded with Android 2.3/4 and tablets with Android 3+. especially with Near Field chips built in!

    Visa could pull this off, but a lot of others have tried to get a peice of the paypal pie and failed big time...

    Did notice one advantage to having a VISA card, you can get your tickets for the Olympics with one, any other payment is a NO NO, so if visa had this in place for the ticket launch in the UK yesterday, they would get hundreds of thousands of new users for their new pay service, bit like when ebay and paypal got together :-)
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  • Profile picture of the author MikesTraffic
    I'm curious to see how well they pull it off...I love the idea of competition....might be good for the end users soon
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  • Profile picture of the author faysal969
    This is really a good news for us. We want to see competitor of PayPal.
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  • Profile picture of the author iuditg
    wow...paypal got some serious competition now !!!
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  • Profile picture of the author Ken Durham
    it's going to open a bit of a niche for programmers to make it work with the many systems... hmmmm

    As mentioned, it looks like it will be limited and not as functional as PayPal. At least at first. I can image "fees apply"

    You're right Jason, someday there will be no paper dollar. Just a matter of time.
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  • Profile picture of the author kindsvater
    Hopefully this will extend beyond sending personal payments to someone, and enable ecommerce sites to accept business payments and redirect buyers to their purchase.

    I'll even pay a little extra in fees to tell PayPal to take a hike.
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  • Profile picture of the author Caleb Spilchen
    I always thought about google checkout being something to compete, then I read the TOS of the site, which essentially says they won't support people under the age of majority, with no mention like mosy companies of the possibility of making corporate purchasesa/sales regardless of sales.

    Also many of these payment processors such as the one referenced above, and many others only support the usa. As a citizen there it may feel beneficial to you, however by using any of those systems you would essentially cut off a pretty large market. As a marketer I receive a lot of money from us based customers, but also worldwide.

    Really you can't compete against paypal unless you are internationally excepting systen. If your planning to only ship usa its fine, but if your selling digital - its not gonna work.

    As well, even tho these companies are making major strides, remember that nobody can compete with the fact that sooo many people will only use paypal

    Cheers

    Caleb
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  • Profile picture of the author webwisemedia
    This is really smart thinking on their part!
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    • Profile picture of the author southerntrader
      They may not carry all the features that Paypal does but it is time for Paypal/Ebay to realize that the customer matters. I rarely sell on Ebay anymore but it seems like everytime you turn around they are raising fees or changing their structure in a way that penalizes the seller and helps Ebay. Yes, it is their business, but their business is about people selling their stuff on Ebay.
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      • Profile picture of the author tamarindcandy
        Thank god because, let's face it, Paypal sucks, its customer service sucks, its... you get the idea. Competition is always good even if Paypal didn't suck something stinky (and it really does).
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  • Profile picture of the author Dave Rodman
    Banned
    This is kind of a non-announcement in my view.

    For one, it's only VISA? At a very minimum, it needs to be Visa/MC.

    Second, even if they mimic'd Paypals options. Visa would be no easier to deal with from a merchant standpoint. TRUST ME.

    Third, Paypal is not as bad as some people make it out to be.
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  • Profile picture of the author Fun to Write
    I don't know...

    Will wait and see what happens with this. Always good to have alternatives.
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  • Profile picture of the author Caleb Spilchen
    BTW What kind of proof can a 16 year old really show and be bound by? And Adult cosigners would have to have credit and would obligate themselves.

    Steve
    Steve,

    You are absolutely right - you need a parent with proper credit, and to be able to take the cosigner spot - I went through this process, its fairly simple - its how I got a credit card.

    But I can't walk into the bank and just pick one up (even a corporate card - you need signing officers, and I'm a director)

    Caleb via blackberry
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  • Profile picture of the author yukon
    Banned
    You don't have to have a credit card, you can use a local bank visa debit card, & I would assume a visa gift card.


    soon be able to receive and send funds to any eligible Visa credit, debit or prepaid account,
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  • Profile picture of the author Bruce NewMedia
    It seems to me any large well-regarded bank/credit card service that enters the online payment arena is a good thing for businesses and consumers. What will no doubt improve Paypal is more competition. Paypal will be tough to beat now, as they have a big headstart, but each new entrant should be a benefit.
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  • Profile picture of the author stellarbizop
    This is good news really. I love how visa will take over the market given the time and experience that they have.
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    • Profile picture of the author entry
      Visa for US Accounts?

      what about Australian, UK, India, Russian users?
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      • Profile picture of the author Kaspars Leinis
        Competition is very welcome in this area.

        Hope Paypal customer service will improve when people have more choice.
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  • Profile picture of the author Murt@gh
    Competition is good for business!
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  • Profile picture of the author SEOJJ
    Nice, this will be interesting for sure.
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  • Profile picture of the author drewsg
    good paypal sucks
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    • Profile picture of the author cjreynolds
      "Visa - The Official Card of Internet Marketing"

      I guess that'll be their new commercial...

      But this is a long time coming. Do a Google search on "paypal sucks" (at the time of this post, 302,000 results). You'll read about practices that would make Bernie Madoff blush!

      I know much of what you find on these sites must be taken with a grain of salt, but when you read again and again about shady, deceptive business practices, and many reports that amount to little different than out-and-out thievery, you have to wonder where all these perceptions come from (where there's smoke - there's usually fire).

      Other than the amount of time required to get money from PP to my bank account (PP blames the bank, the bank blames PP), I don't have any horror stories personally, but I hate it when a company gets so successful that they think they can disregard or take advantage of their customers.

      That's when they need some competition.

      joe
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  • Profile picture of the author Jake Gray
    Hopefully this can replace PayPal.

    Looking forward to this, I am going to keep up-to-date with this for sure.
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  • Profile picture of the author sarahberra
    Interesting. Paypal has always been great for me, but it would be nice to have more options.
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  • Profile picture of the author E. Brian Rose
    It doesn't sound to me like this is going to have the flexibility that PayPal offers when it comes to ecommerce. It really blows my mind that nobody has even attempted to compete on a large scale with PayPal.
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  • Profile picture of the author Money maker guy
    Thanks Buddy
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    • Profile picture of the author Kay King
      needs to be Visa/MC.
      Those are competing businesses so not going to be on the same platform...at least not together.
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  • Profile picture of the author Steven Miranda
    Very interesting. I'm ready to see how this idea plays out in the long term.
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  • Profile picture of the author Barry Unruh
    I think Kay hit the nail on the head. I don't see this as "Visa" competing so much as them now opening the doors for PopMoney and Zashpay to compete on a larger scale.

    I read this announcment several times, and still do not see anyway I would be able to use it to put a Pay Now button on my site without PopMoney or Zashpay.

    Which brings us to the issue of name recognition. While your customer is paying with Visa AND ONLY VISA....Do they recognize the names PopMoney or ZashPay?

    Even then, I'm not even sure by using those services I can do a Pay Now button. It appears this is more of a transfer money between people service. Hate to say it, but we have this in the Philippines already with services like SmartMoney, GlobeCash, and several others which are partnered with Visa. It does not solve a payment on a website or WSO issue. It will solve issues with paying your outsourced workers or transferring money to pay for other services.

    At the moment I'm not too excited...
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  • Profile picture of the author iuditg
    After reading the article they said its only for people in USA as of now which is kinda sad

    I am hoping they offer there services to other countries to. It might take a bit long but its gonna be worth it.
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  • Profile picture of the author himanuzo
    I hope that the PP will not monopolize in the payment service. And VISA expands its service to worldwide besides the U.S for future time.
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    • Profile picture of the author zabruce
      Barry has it right. VISA and Mastercard can't really afford to offend their biggest customers (hint it's not the card carrying public) so for the moment they are introducing things that make their bank partnered channels work person to person. Hence the integration to core retail systems providers.

      There is more about the USA position here:
      Visa Hands Consumers a New Way to Pay | Business News Daily

      Mastercard is actually ahead of Visa in this space in general.

      Either way, getting the service working in any country involves approval by the central bank, and getting the banking sector to play ball. Until they work out how to ensure they make the money out of it - that's going to be difficult. On the other hand the PAyPal/Alertpay/Moneybookers of the world are forcing them to innovate.

      Interesting times ahead.
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  • Profile picture of the author amberaqil
    this is great news. Paypal will not have monopoly anymore.
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