ComputerSavvy: Buying & Selling on the Internet Without Cash

March 2001
by Reid Goldsborough

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For
years, pundits have predicted that the digital age would usher in the paperless
office and the cashless society. But computers have led to more paper not less!
And though getting cash may be more convenient with computerized ATMs, the need
for it is no less great.

Significant change is in
the works, however, on the money front with computers. Today you can carry out
transactions using your personal computer and the Internet without exchanging
cash. You can buy and/or sell, without even needing to use credit cards.

Online auctions have been the
catalyst behind the innovations, says Mark Morgan, a research analyst who
specializes in e-finance for the San Francisco investment bank Putnam Lovell.
The biggest mover here is a little-known, meteorically growing, and
controversial company named PayPal.

What Is PayPal?

Out of the heart of the
Silicon Valley, PayPal has vaulted in little over a year from nowhere into
first place as the world’s largest Internet-based payment network. More
than five million people now use its PayPal service, according to a company
spokesperson. This constitutes more than 10% of all Internet traffic in the
financial services sector—more people than are served by big names such as
Citibank, Wells Fargo, and Bank of America combined!

Using PayPal, at http://www.paypal.com,
you can quickly and conveniently pay for goods or services by having money
transferred from your bank acco…IBPA Members – Click here to view the full article (login required).

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