From rags to riches?- 2005-05-26

It seems not too long ago when online EFTs (Electronic Fund Transfers) were deemed an unreliable novelty labeled with a higher risk of fraud. Times since then have changed, and e-commerce is reaching new heights. Financial operations conducted over the internet have now become standard and are growing in volume all around the world. Greater security controls and anti fraud parameters alongside a better educated and technology savvy market have contributed to this development.

When eBay acquired Paypal 3 years ago for around $1.5 billion it had no clue that this online money transfer agent would become one of the internet’s leading financial player. Indeed, having now surpassed American Express (65 million accounts) with 72 million worldwide accounts, Paypal is currently expanding its services across the internet.

Initially employed to facilitate eBay users to process payments and purchases, Paypal is now turning to independent merchants ranging from larger partners such as iTune to smaller local mom and pop operations. Offering a multitude of funding options: credit/debit card, checking account or PayPal account, lower fees and greater security control, Paypal is on its way to potentially becoming an offline juggernaut as well.

Last year by striking a deal with GE Consumer Finance enabling clients lines of credit for the first time, Paypal took big steps towards challenging the likes of industry heavyweights Visa and MasterCard. The future looks promising for Paypal as does the state of e-commerce and transactions in the years to come.

The Jr. Guru is convinced that these improvements can only benefit the online gambling community and should be looked onto as a model for success in this ever growing medium which is the internet…

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