New Online Payment Gateway?

Just heard from someone that there is a new local online payment gateway called PayPinoy.

When I went to the site, I had to do a double take. Looks quite exactly as an existing online payment gateway I know…. I immediately thought of two things: (1) PayPinoy is an affiliate or subsidiary of PayPal and (2) PayPinoy just wanted to leverage on the familiar interface of an existing giant in the world of online payment.

The first thought is quite unlikely. PayPal already has presence here in the Philippines (albeit registered Philippine PayPal users can just send money out). They’ve announced in last year’s eBay Explained event at Makati Shangri-la that they have plans of offering the “receive money” feature sometime this year (don’t know if they’d keep to this announcement as PayPal’s especially mum about future plans for the Philippines). Allowing another site with a similar “branding” is tantamount to creating confusion.

The second thought begs the question…. “Why would you use a company’s popular look and feel?”. Obvious answer is to piggyback on the familiar interface. Ride on the coattails of a successful service. Which further begs the question… Is the service legit? Further, the site requires you to sregister an account first before it explains in detail how “credits” could be paid and received. Kindly note that they use the term “credits“, not “cash”.

With a slew of payment gateways and payment services springing forth, it is rather difficult to know which one is legit or not. We should all be vigilant and wary about sites that do not clearly explain, in detail, how the service works in their home page. Here’s an observation from someone who has gone over the site in detail:

“I’d be very wary of financial service offerings that do not clearly explain, upfront, how the process/procedure works, what the applicable fees are, and how CASH can actually be received by the seller or recipient – here or abroad.

There is a section that states your account will be frozen for 180 days if there’s a reason to do so (but the specific cases aren’t explained) and that a US$25 “stop payment” fee will be charged in case the payor makes a mistake.

Lastly, there is no indication which company (registered or not) owns the service. — an eBay Member”

If anyone of you has a PayPinoy account and used it already on actual transactions, please fill us in. Feedback would be greatly appreciated.

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