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Visa to launch PayPal rival V.me
Visa will be launching a “digital wallet” service called V.me in direct competition to PayPal early in 2012, according to industry sources.
A beta was launched this week and the full service will roll out in the new year. The service is extremely similar to PayPal at first glance and Visa will be targeting ecommerce at launch. With V.me, users have an account accessed by a username and password. The account can be topped up by various sources such as credit or debit card or bank account and there will be no need to type in a card details each time of use.
To accelerate adoption of V.me, Visa has also launched a developer programme that includes the company’s other properties Authorize.Net, CyberSource, Fundamo and PlaySpan. It is hope this will encourage retailers and developers to develop services, especially to power mobile commerce.
This is certainly an interesting development and one that could be start of a serious challenge to PayPal’s long held dominance in the online payments market. It’s slightly surprising that Visa have sought to brand it as V.me, not least because that’s not a very engaging brand and also because Visa itself is a very clear and trusted brand in itself already.
There is no word on what V.me will cost to retailers and ecommerce SMEs. There is also no detail as to whether it will be accepted on eBay or Amazon although it seems unlikely.
This is good news as if their is a security issue with one company, you can have an alternative payment method to ease customer worries.
Also nearly every credit or debit card has the visa logo on it so if I was Paypal I would be very worried. As soon as EKM offer this service on there platform I’ll be offering the service on my website.
eBay and Paypal offer an intertwined buyer protection scheme and neither can loose.
Can you imagine ebay offering the same buyer protection if online payments are made through a non affiliate?
What Visa need to do for V.me to really take off BIG time is to launch a marketplace auction site competitor to ebay and make it a condition of listing in the marketplace that sellers must offer V.me as the only online payment method.
If fees are 50% of those charged by ebay then the V.me marketplace could quickly take off.
And there is the worldwide marketing power of Visa to back it up.
With all the continuing problems with ebay the idea of a Visa competitor to ebay. Trouble is that we are so cklose to Christmas and of course for most of us Christmas should be the busiest time of the year. But if Visa decided to do as Gary suggests(and I fully support) it could be live in time for Christmas 2012. Just think Christmas 2012 with a site that was not rigged and abused and manipulated by its management.
get real Visa are doing this for Visa not out of concern for others
I would imagine that the reason why Visa are introducing new servies such as V.me is that they can see a gap in the market and believe that they can fill it.
Obviously the next stage is to develop a market such as a Visa equivalent of ebay where they can use it to its fullest extent. So I expect to see Visa announce in the near future how V.me can be used.
Obviously I believe that a Visa equivalent of ebay has a real potential. We have over the many months discussed a competitor for ebay. Perhaps Visa has run the rule over ebay and Paypal. They have had a very good look at it and perhaps come to the conclusion that its a market place that Visa should and could get involved with.
In fact normal business practice. Have a good loook at what the competitors are doing and decide if it is a market place with potential. As I said before I hope that Visa are thinking that way and do make a investment in developing their equivalent of ebay/Paypal. Obviously V.me is a potential Paypal equivalent all we now need is an ebay equivalent(say V.market)
Then again as per usual business practice they have to hope that they have got the package right and that it will attract the business away from the competitors. In this case the Sellers and the Buyers who currently and so regularly express frustration and often annoyance with ebay.
The next question is Would I transfer my activities from ebay and Paypal to V.me and the ebay equivalent should it develop? Obviously the answer is that I would have a good look at what is on offer and decide at that time. There are 3 answers: a) I stick with ebay/Paypal; b) I go to the new set-up; and c) I split my activities and stay partly with ebay/Paypal and also try out experimentally the new set-up. Obviously this early I cannot realistically say which answer I would give.
were sticking with ebay and paypal
Vs to V me
cant understand why folks have such an attitude about ebay and paypal
countless of thousands of people make their living using ebay/paypal or connected with them we have used paypal from the start one or two annoying hiccups though in general their good and we get paid with no trouble
I wish ebay/paypal every success
Its one of the ways that business develops. One company(say ebay) develops a market proves that it can be very successful other companies(shall we say Visa) run the rule over what the other company has done and obviously is doing. The second company believes that they can do better or can do the same at lower cost or can improve by bringing a differant point of view or technology or whatever.
They develop and introduce their version or competitor and then see if it captures enough of the market to make it all worthwhile. We have often discussed the Perfect Site. I think that even northumbrian would accept that while good in many respects ebay is not perfect.
So let us say that Visa has spent a lot of time putting together “The perfect site”(before anybody asks I have no idea if they have or not) but lets say that they have.
What would be the result on the market? Well obviously we will all have a look at the new site. Depending on the costs and the organisation etc we might all(or many of us) will decide to give it a try(maybe just a “dipping the toe in the water” type try but a try.
Obviousle ebay will be studying the competitor. They will be looking at the similarities and the differances. They will be looking to see if they can learn anything from the competitor. If they can make any alterations to lessen the impact of any differances(especially those differances that make the new site more attractive to buy or sell on).
You can expect that any new site will be launched with a great deal of publicity and all sorts of Special Offers. If it was a Visa site then you can imagine that all those who currently have Visa Cards will be targeted with extra special offers etc.
Will it happen? No Idea – My Crystal Ball is not working today. But I would imagine that northumbrian will have a good look at it just as I will. We might not agree(I might give it a try-dipping my toe in the water); while northumbrian might stay resolutely with ebay. But if it does happen then we might be in for interesting times ahead.
we rig and abuse and manipulate our business why should ebay be different
their headquarters is in San Jose CA not the VATICAN
Much more abuse in the Vatican than San Jose! Where they get all that gold?
if I were as obessed with ebay as much as this chris guy is with me ,I would be seeking therapy
I can assure northumbrian that I am not obcessed with him. In fact I find it sad and not a little pathetic that he has to take the p**s out of something I have posted with a long copy of Asterix the Gaul as well as several other similar.
it worked then lol
competition is always welcome to merchants and users like us as it leads to better service, rates and easier conditions and hassles for us !!!!
hope it comes soon and is successful