I recollect capturing the beginning of a trend of gradual erosion of the near monopoly of Paypal as the “almighty” payment processor for most e-commerce and indeed other major sites on April 26th 2011 when i wrote this post
I also went ahead to issue a press release to that effect
The trend continued to attract my attention when on 11th Sept. 2011, i again highlighted the continuation of this trend in
Now, “the music is playing almost full blast” as a large number of programs are now jettisoning their former stance of holding on to PayPal as their sole payment processor and now including AlertPay as a second payment processor while some are even also including other payment processors such as Google Checkout, 2CheckOut etc.
Some are even expunging PayPal totally as a payment processor.
Apparently these companies have reasoned that they are leaving a lot of income on the table untapped in view of many potential customers who have no access to the use of PayPal and yet are desirous of using their services.
Others may have taken into consideration the inflexibility of PayPal in structuring agreements with them that will enable them accommodate a large number of their interested customers.
Others may even be out-rightly pissed off with the crass arrogance of PayPal in virtually trying to play God.
This is a signal to other giant companies who still hold near monopoly roles in whatever field of endeavor they are in, to soften their stance and accommodate as many entrants as possible even if it entails a reduction in their bottom line through instituting controls which will protect their interests where they have identified certain individuals or countries as potential threats.
This was the bane of PayPal as i fail to understand why such a large company with enough resources at its disposal should just indulge in a blanket ban on various countries for whatever reason.
First of all, a lot of innocent citizens are suffering from the consequences of PayPal’s action for crimes they know nothing about.
Secondly, it is a potent law principle and even a cardinal biblical principle that while no offender should go unpunished, a single innocent person should also not be punished unnecessarily.
In my humble opinion, it would perhaps just have cost PayPal more in cost of instituting very sophisticated systems of internal controls to thwart the efforts of the criminals who try to compromise it’s system, a cost it should have willingly paid rather than taking the easy way out of a general ban on countries where there is a preponderance of criminal activities.
I am sure PayPal is now paying more, if loss of market share is quantified and indeed may continue to loose more as i predict that “the music is yet to play full blast”
Time now for PayPal to come down from it’s high horse to redeem whatever battered image it still has left by listening to the voice of reason as ignoring the market’s demand may ultimately spell it’s doom.
I hope not, I sincerely hope not, that we will soon be singing “nunc dimittis” – “Lord now lettest thou thy servant depart in peace…” for PayPal.
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