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eBay acquired BaaZee - India’s online auction site
- in 2004 and since then has integrated BaaZee into
the global eBay network. This means that sellers in India can now gain access to
a much wider domestic market and also to the international marketplace.
One of the first things that eBay did when it acquired BaaZee was to introduce the PayPal
concept, albeit renamed as PaisaPay. Why did eBay
do this? – well, paying for an item in a rapid and
secure way was apparently proving somewhat problematic for BaaZee’s customers.
With many transactions taking place using cash or bank
instruments directly between buyer and seller, there were many reported
instances of buyers and sellers being less than happy with either paying for
goods and not receiving them, or sending goods in good faith and not being
paid.
So PaisaPay was introduced as the preferred
payment option for transactions on eBay India, offering sellers a rapid,
simple and safe way of accepting payment by credit card or online bank
transfers from buyers. PaisaPay removes the delays
and hassles associated with paying by cheque or demand draft.
The PaisaPay process is simple and
straightforward:-
- The buyer
pays eBay with a credit card or an online bank transfer (see list of
banks below)
- The seller
receives credit for the payment as soon as the transaction is validated
and confirmed by the bank.
- PaisaPay makes no charge to buyers, but there is a fee for
sellers based on the transaction value.
The banks which are participating in PaisaPay
are:- ABN Amro, ICICI Bank,
HDFC Direct Pay, Citibank Debit Card, UTI Bank iConnect
and IDBI Bank I Netbanking.
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