New Idea For a New Paypal ! Your opinions ?

Hello All , I'm thinking of making a site That acts like paypal in buying & selling and would like to take your opinions about it , But Here's The Major Differences :

1- To Get Credit in your account , you buy a Scratch card from any super market or any small shop , The Card Contains Activation Numbers & Their Password , & Other Protection serials , When You Buy a $ 10 Card it charges your account with $ 9.9 for example .

2- You Don't have To Put Your visa online or whatever .

3- It will make buying & selling Processes Easier & Much Safer .

4- To Make An account on that site you have to buy a scratch card & enter its Serials For account setup

So What Do you Think of This idea ? How To Develop it ? How much do you think it will cost to make it worldwide and make TV ads for it ?

 

First of all how would u deliver these sratch cards all over the world.. how much will u invest ?

 

Yes , This is one of the problems , But it isn't a problem if i had loads of money to spend in making a company with some people around the world

 

Well first u have to find solutions to possible problems

Its best u start with the domestic area u live in.. test it out how it works coz first u have to find people who will use ur network.. the idea looks kool personally i would go for such a thing to use on my website

 

Looks like a big one to me...
you need to win the trust of people first... and DP is the best place to start according to me

Anyways, all the best

 

This type of setup need big investment + soem legal issues also .
You need to have a registered company LLC or delaware.
Also how you planned to give them credits? Via VCC?

 

Not Yet planned how the payment will be generated , I'm Thinking about the idea and how to develop it , maybe i'll use virtual credit card or any other method like The money to be transferred to the seller's account & he can redeem it with his visa or take Scratch Card Numbers & Password That He sell back to the shop & take his money , i'm still studying the project

 

you must look at mol.com ( money on line ). they have already done what you are proposing.

 

No , not Like mol at all .

 

It seems you are trying to solve a problem that does not exist.There are various payment systems that do not require that amount of effort to operate.
What is your target audience?

 

My Target is to make the selling process easier specially for teens who don't own a visa , or for the people who don't like to use their visa online .
Also it's safer than paypal because if you got phished then there's no problems at all except your credit in the account but your credit card won't be stolen .

 

The idea is good, but I think there's also a good reason why it hasn't already been done.. Prepaid topup cards use a similar idea, for example paypals offer their own top up card.

A global solution like this would require a HUGE investment.. To get that that would be incredibly difficult and hard work, even then success wouldn't be guaranteed. Very tough market in my opinion.

 

Here in the US you can buy Visa gift cards at the supermarket that work like your planned system - it's for a prepaid amount, etc. The advantage is that people can use it wherever credit cards are accepted, either online or offline.

You haven't explained how you are going to convince businesses to accept your scratch cards as payment. And that's a huge limitation - no one will want to pay for cards they can't use anywhere.

 

Looks as if you would have to put alot of money to it. If you have it there to invest then why not give it a shot?

 

If you have good money to invest then only think about this - It also need ----> Global distribution of top up cards. Specially in Asian Market,I think American/Europian market have vcc top up already.

 

One more issue would be that if people started guessing the voucher codes or made programs to do it then the whole idea could just backfire

 

No it will not be a problem because nobody will match :

- 15 number code
- password of the code
- card expiry date
- protection number

So For Protection it won't be a problem

 

Seems to be nice.. you should consider checking out how webmoney works if u can make ur system somewhat like that it will become totally secure and very less chance people will try to phish accounts

 

There are some flaw in your system.
For example,if buyer claim that the scratch card code is already used.
Why don't you setup sms payment?
Its more easy since everyone have handphone.

 

I respect your opinion , sms will also be good besides the scratch card .
And For Claiming that the card has been used then he must contact us and we check it in our system .

Anyway , This is just an idea i hope to do but it's very difficult