Paybox.me is not a competitor for Paypal

Beware this one.

This blog is not usually concerned with warning people about websites that show similarities with scams. But this post breaks with tradition because the website in question has been mentioned in the comments to a previous post: Google breakup? Wrong target again.

In that post I discussed why Paypal was far more dangerous than Google, with respect to consumer choice and other monopolistic matters.

Earlier today “Al” commented that Paybox (http://www.paybox.me/r/signuppage) was emerging as a potential competitor to Paypal.

I don’t think this is the case. For several reasons I think that the business is a l-o-n-g way from competing with Paypal.

There is no mention of banking licenses or oversight by a financial regulator. Anybody can signup with any name. There is no requirement to prove your identity. This scenario is a money launderer’s dream. Especially with the debit card that might be linked to the paybox account.

The website certainly indicates that there are plans for a debit card and discusses voting for the design (although the suggestion that 100,000 designs were submitted and that these have been reduced to 50,000 for voting just sounds plain wrong).

Getting a set of licenses in even just the key economies is a major investment of time and money.

There is no indication of the company behind paybox.me. Whilst there might be a desire to create a separate brand, one would expect the bottom of the webpages to contain a link to the company or companies behind paybox.me. Right now the website could have been created by any of a few million people with the necessary coding skills.

The wording is misleading. The website talks about dollars, but one must read very carefully to realize that these are paybox.me dollars, not US dollars.

The website mentions that there are fungibility plans, but no timescale is given and no indication of potential exchange rate is given.

The website name is potentially breaching copyrights and trademarks. Another company has been trading using paybox.com for over 10 years – and is now owned by Sybase which in turn is owned by SAP AG.

Finally, compare the paybox.me website design to that of greenzap. For those who have not seen it or heard of it, greenzap professed to be a new competitor to Paypal, but never achieved fungibility between its own currency and real world currencies.

One single comment

  1. al says:

    Paybox.me has been renamed to Virtapay – see http://www.virtapay.com/r/signuppage

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