wallet365 - indian paypal?

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Clear PayPal ripoff... 100 bucks says eBay will acquire them if they do well in 6 months :)

PS. That's one slow friggin site :/
 
it's already huge. Look at its list of partners. I'd say it'd be the best way to transfer money for the TE market section. That'd make the exchange so much more reliable.

Partner banks that offer Internet banking to Wallet365 users include:

ABN AMRO Bank

Centurion

Bank of Punjab

Citibank

Development Credit Bank

HDFC Bank

HSBC

ICICI Bank

IndusInd Bank

IDBI

ING Vysya Bank

Oriental Bank of Commerce

Punjab National Bank

Standard Chartered Bank

State Bank of India

Union Bank of India

UTI Bank

YES BANK
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Partner banks will not determine the success of a PayPal-like service... adoption is the big risk they face. Unless consumers start transacting online through wallet365, the service will not be successful. Look at eBay India... people are still sending cheques and drafts. Look at eBay.com, eBay.co.uk, eBay.de, etc... sellers don't accept paper money. PayPal was so successful and became a standard payment option for online businesses only because buyers and sellers adopted PayPal.

Bottom line, online commerce in India is still in it's primitive stages... things are better than 3 or 4 years ago, but it will take a while before people start transacting and doing most of their shopping online.
 
RiO said:
Partner banks will not determine the success of a PayPal-like service... adoption is the big risk they face. Unless consumers start transacting online through wallet365, the service will not be successful. Look at eBay India... people are still sending cheques and drafts. Look at eBay.com, eBay.co.uk, eBay.de, etc... sellers don't accept paper money. PayPal was so successful and became a standard payment option for online businesses only because buyers and sellers adopted PayPal.

Bottom line, online commerce in India is still in it's primitive stages... things are better than 3 or 4 years ago, but it will take a while before people start transacting and doing most of their shopping online.
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That's because, prior to this, us indians didn't have the option. Paypal was the only way to transact, and while it might have been compatible with credit card accounts, I don't think it had any tie ups with indian banks. Now, with wallet365, there's no logical reason why you shouldn't be using it. Like you said, the next big step for wallet365 is ebay. however, not by eBay acquiring it, rather by making transactions possible using wallet365.
 
I want Paypal or something in India. I want to hide my money(from my family) and online transactions can make that possible.
I want to know whether this wallet 365 is genuine or a cheat? I don't want to be ripped off.

the banks they stated, are they real partners or their name has just been put by wallet 365 on its site to gain popularity and all.
 
Question is what sites accept this thing? There are hardly any indian ecommerce sites so the success will totally depend on adoption rate. Its a Times of India group venture so its not a fraud for sure.
 
Sites like itdepot should start adopting this :P....

And yeah, as chaos said....this is a TOI initiative...so not a fraud for sure...
 
Not to forget launched by Mr Amitabh Bachchan.

Hope many online sites adopt this.

But this will be gr8 for the ppl who love to trade in the TE market section.
 
tracerbullet said:
That's because, prior to this, us indians didn't have the option. Paypal was the only way to transact, and while it might have been compatible with credit card accounts, I don't think it had any tie ups with indian banks. Now, with wallet365, there's no logical reason why you shouldn't be using it. Like you said, the next big step for wallet365 is ebay. however, not by eBay acquiring it, rather by making transactions possible using wallet365.
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eBay won't use third party services - I know because I've been working with them the last 4+ years :) Take PayPal for example... they acquired PayPal (years ago) before implementing it as a payment option across all eBay marketplaces, because PayPal had over a million registered users and was the new standard on the internet for online payment.

Secondly, how many people do you know of that buy electronics, computers, music & video, clothing, jewelry, car parts online? Indians like to touch, feel and test a product before buying... you'd be surprised to hear that people in the US buy plasma screens and cars online. Based on this, we are more than a few years away from moving a majority of transacting online :)

Lastly, adoption doesn't depend on whether there are chances of fraud or not - people are scared to enter credit card details online. The current generation, however, will change this (I'm talking about you and me) but it will take at least 5 years before we start buying most of our ipods and cellphones online :)

PS. techboy, I'm just going to ignore your posts in this thread because you have no clue wtf you're talking about!
 
how do you know that Amitch bachan actually launched it?

Even if he did, this could be a way to fool us?

Also, can we withdraw the money via cheque that we put into it?

peopl buy stuff online, an example is infront of you, in fact you yourself are an example.
 
RiO said:
Secondly, how many people do you know of that buy electronics, computers, music & video, clothing, jewelry, car parts online? Indians like to touch, feel and test a product before buying... you'd be surprised to hear that people in the US buy plasma screens and cars online. Based on this, we are more than a few years away from moving a majority of transacting online :)

Lastly, adoption doesn't depend on whether there are chances of fraud or not - people are scared to enter credit card details online. The current generation, however, will change this (I'm talking about you and me) but it will take at least 5 years before we start buying most of our ipods and cellphones online :)

PS. techboy, I'm just going to ignore your posts in this thread because you have no clue wtf you're talking about!
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Totally Agreed :D

Esp. on the last point with u totally :ohyeah:
 
I know what I am talking.

If it is a Times of India thing, it won't be fake, other than that there is no concrete enough reason to invest thousands of rupees into it.

We really need an Indian Paypal or something, preferably Paypal with a more presence in India. Who seconds me?
 
techboy, don't pollute this thread - instead, PM me your msn id and I'll spell out what I've been saying here because you don't get it.
 
techboy said:
If it is a Times of India thing, it won't be fake, other than that there is no concrete enough reason to invest thousands of rupees into it.
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Just to clarify things out - this isn't a Times of India thing. It's a Times Group project. Times Group by Bennett Coleman is the media company that owns the Times of India, Economic Times, and other papers, television channels, internet websites etc.
 
the merchants list is also big but still no major e-commerce related sites on it.

will be using it if the merchants list becomes more exhaustive.

for purchases on TE it is a good option but still if i trust the person well i would like to direct transfer the money.
 
If they manage to tie up with enough sites, they might manage.

As for ebay, I think they will realise that the banking laws in India make it easier for them to use this third party service, rather than wait forever till paypal manages to get through the door. Banking laws in India are in many ways much stricter than the US.
 
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