Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.

Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.

barnaclebarnes:

Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.

The service is now run under ASB's parent company as there were some terms around issuing a prospectus that a real bank didn't have to do. They have refunded everyones money in their wallets so you have to re-transfer money from your link account. Seems like someone screwed up the technicalities.

Here it is when you log on:

Important Notice

Due to a legal technicality* the pago service is now being provided by ASB Bank Limited. This will in no way affect the way pago works for you.

As a pago customer, here are the key things you need to know:

• To continue using pago you will need to accept new pago Terms and Conditions with ASB Bank Limited. To do this, click the NEXT button below and follow the instructions.
• You will see these Terms and Conditions are virtually the same as those you agreed to when you first registered with pago Limited.
• You will also see that we have already repaid the balance in your wallet to your chosen Link account. We are required to repay you by law.
• We apologise for this inconvenience. Once you have accepted the new pago Terms and Conditions with ASB Bank Limited, you'll get $5 for your pago wallet - on us!
• You may then wish to top up your pago wallet.

If you have any questions, please phone the Contact Centre on 0800 GO PAGO (0800 467246).

* Registered banks have an exemption under the Securities Act, which means they are not required to issue a Prospectus and have a Trust Deed for the type of activity previously undertaken by Pago Limited. Pago Limited is not a registered bank and does not have the benefit of this exemption. With ASB Bank Limited providing the pago service, this exemption now applies.

juha: !

Good grief, that was fast!

(Posted too soon... continued)

One of the questions I had was around the banking side of things with Robins insisting that pago was not a bank. So it's a bank now then?

sbiddle:

...Looks like they need a new legal team as well.

When you log out of pago we will delete the pages from your computer's cache (the place on the hard drive used to temporarily store stuff so that web browsing is faster). This will make sure the next person who uses your computer won't be able to see any of your personal information or wallet details that could be stored by your browser on the hard drive.

We have designed pago to be as secure as we can while keeping it easy and convenient for you to use. This has led us to develop features like daily payment limits and confirmation messages. You also need to do your part to protect your wallet. This means observing a few simple rules like making sure you suspend your wallet before lending your phone to anyone else and keeping your password a secret.

How to Top Up:

Step 1

Simply send the word 'topup' and your password, i.e. "topup password123" to 3381

Step 2

You'll receive a text message confirming your top up, and your new balance e.g. $21.00

There was a story about Pago on ASB Business this morning.

The story was obviously done earlier last week as it made it quite clear that Pago was not a bank - now Pago is a bank! :-)

I just can't see why TradeMe want to get involved in such a dodgy scheme. If you want to receive money you need a NZ bank account and to send money you need a NZ bank account. Internet bank pay anyone serves this purpose, Pago simply adds another delay while the buyer has to xfer money into your Pago account and the seller then has to transfer it to their account. If you could register a credit card (like PayPal) the service would be a lot more useful but with the obvious security flaws I certainly won't be using the service even thought I did sign up to play with it.

sbiddle:

I just can't see why TradeMe want to get involved in such a dodgy scheme. If you want to receive money you need a NZ bank account and to send money you need a NZ bank account. Internet bank pay anyone serves this purpose, Pago simply adds another delay while the buyer has to xfer money into your Pago account and the seller then has to transfer it to their account. If you could register a credit card (like PayPal) the service would be a lot more useful but with the obvious security flaws I certainly won't be using the service even thought I did sign up to play with it.