E-Commerce Times Talkback
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Bruised and battered by a week of bad news, online payment company PayPal finally
staggered into the Wall Street spotlight, becoming the first Internet IPO in nearly a
year. Retail investors gave the offering a warm greeting. When trading opened, PayPal
shares shot up to US$18.50, an increase of more than 40 percent from their $13 offering
Before you assume that eBay's members are ALL satisfied with Paypal, it might be wise to check out their "soapbox" message board and read all the complaints and horror stories associated with the service. If just ONE of these stories of illegal dipping into seller's/buyer's personal checking accounts is true, that is enough reason to close or to never even OPEN a Paypal account.
Citibank has a service that will rival them and is offering to allow auction sellers/buyers and online retailers to accept funds in their accounts for free. Being that Citibank IS a bank, I'm sure that many Paypal customers will make the switch, knowing that their funds will be more secure.
The simple fact that PayPal is the leading online banking/pseudo firm accepted by many tells me that CitiBank has a lot of work to do before grabbing market share.