Saturday, September 29, 2007

Paypal activates receive money feature in the Philippines

It is great news indeed that Paypal is fully activated in the Philippines allowing Filipinos to send and receive money online. For me, this is great news as it will allow me to send payment to blog ads network members, content development network members, bill clients, or drive membership fees to it.

Receiving international checks through the mail can have its annoyances, especially on clearing issues. With Paypal being fully activated, it truly empowers the Filipino Internet user and avail of all the opportunities available online and signing up in programs that pays through Paypal. However, the only way that the fees can be reduced is once deposit-to-account becomes available. The transaction charges, withdrawal charge, conversion charges (for different currency), and the ATM withdrawal charge will all have to be factored in when we estimate the price of our services.

Law enforcement authorities, the Department of Trade and Industry, Bangko Sentral ng Pilipinas, and the banking networks have to be ready with this development as this will also result to possible fraudulent transactions, especially in local auction sites.

I am also certain that this will rock the boat for all local payment gateway and remittance service providers in the country. Will they perish or remain as a competitive option for payment acceptance?