Retired Mod
Trusted
Biddle Corp
barnaclebarnes: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.
pago speeds up the process as it is an instant transfer. Most NZ banks are not realtime so you have to wait until the next business day to find out if the money has been deposited into the account. pago solves this problem by offering that instant gratification for 30 cents. Properly integrated into Trade Me it should make selling items far easier as you could manage the enitre transaction inside the TM interface and not have to check bank statements, etc.
The fact Pago has no security means the most I'd want to store in my account is $5. Therefore to use Pago I'd need to top up my Pago account using a bank xfer which as you say is an overnight process. If people need to top up their Pago account to xfer payment for goods the process won't be instant and they may as well just use internet banking and only pay one transaction fee. I would be very dubious if I was a TM power seller about using Pago for receiving money because it's so easy for somebody to clean your account out by xferring all of your credit into a 3rd party account due to the lack of security and Pago won't accept any responsibility for this.
Sorry - Pago is one of those concepts dreamed up by IT people that has no place in the real world. Maybe with some security measures it would survive but once the first few high profile hacking attempts occur with people losing their money it will be safe to say the future won't be rosy.
