Re: [Sheflug] Re: bounce

["Ian Wright" <nospam [at] iw63.freeserve.co.uk>]

Hi,

Just the answer I expected...
Pay Pal operates as an 'Internet bank' and so has the advantage that,
whatever the number of transactions you do with suppliers, you only need to
reveal your VISA number once - to Pay Pal. When you do this on sign-up you
get an account working in 'credits' which can, optionally, be converted back
to cash at any time. So, if you want to buy something from a guy in Outer
Mongolia who also has a Pay Pal account, your VISA is debited with the
relevant number of pounds and his account is credited with the corresponding
number of Yaks or whatever. The significant point is that he never gets your
VISA details. In fact, if the American model is anything to go by, its quite
likely that Pay Pal will forget them before long as most people on the
system seem to be using it as a straight bank and leaving 'payments' in to
pay for purchases. This, of course, is just what Pay Pal anticipated and it
is the income from investing this 'money-in-transit' that they live on - at
least until they get like the rest of the banks and become so greedy that
they are not happy with just gaining income from the interest on your money
but start to charge you for every additional 'service'! Long live the Mutual
Building Societies - I've been bitten so many times by banks that I'll never
use them while a building society still stands!

Ian
--
Ian W. Wright
Sheffield  UK
www.iw63.freeserve.co.uk
----- Original Message -----
From: "Richard" <richard [at] sheflug.co.uk>
To: "Sheflug" <sheflug [at] vuw.ac.nz>
Sent: 09 January 2001 23:42
Subject: Re: [Sheflug] Re: bounce


> Ian
>
> On Tuesday 09 January 2001 23:27, you wrote:
>
> > You could, of course, use Pay Pal which is now available in the UK
> > and which has REALLY caught on in the US. You can pay on this with
> > a credit card and get plenty of guarantees and places like EBAY
> > just love it.
>
> In my own experience this is all about a more trendy and fashionable
> way of being back-doored by more of the latest graduates who haven't
> yet seen the world around them.
>
> Sorry I'm being a bit cynical here but I have lived and worked in
> about 20 different countries and all I've seen is a large crowd of
> highly disinterested "business people" who haven't yet heard of the
> United Nations building or the many fine projects that are involved
> with that way of doing things.   I have seen many children and grown
> ups die in front of me and I am not encouraged by present day
> international affairs :((
>
> And so, I feel that we are not best helped out by the internet when
> it comes to financial affairs.  Well, perhaps not with all things.
> Just some eh ??
>
> Thanks
>
> --
> Richard
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>
>

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