eBay Buys Bill Me Later for USD 820 million

During difficult times like now in the United States, eBay is still able to acquire successful companies with Cash. Yes, you read it right. Hard cold cash.

Like PayPal, Bill Me Later is an online payment option where a buyer does not need to enter his or her credit card details during an online purchase. Further, there is no hassle of registration! This mean no new account is create and no password to remember.

The screen shot below from Bill Me Later website describes well how an online purchase via Bill Me Later is done.

One just need to add products to the cart, select Bill Me Later as the preferred payment option, enter his/her date of birth and the last 4 digits of his/her Social Security Number. During the purchase process, a credit check is done on the shopper. Bill Me Later pays the seller or merchant on the shopper’s behalf and collects the payment from the shopper later. Basically that is the meaning of “Bill Me Later” which is the payment option name.

You can also view a short video on Bill Me Later here. PayPal has announced both Bill Me Later and PayPal will be separate entities. There will not be any merger for the time being.

I came across Bill Me Later a few years ago while integrating 2Checkout to a shopping cart software of my ex-company. I thought why didn’t companies like PosPay or WebCash provide similar services instead of offering micro payment accounts for online payments which almost nobody uses in Malaysia. Even the majority of their target market (non-card holders) did not bother to use services by PosPay or WebCash. I guess almost nobody wants the hassle of transferring accounts to PosPay or WebCash just to buy products online. Credit cards, debit cards and even online banking transfers are convenient enough for Malaysians for online purchase.

4 Responses to “eBay Buys Bill Me Later for USD 820 million”

  1. I wonder what the scene would be like carrying 820million cold hard cash to any business deal. ROFL!

    Imagine…armored cores full with bags of money. :P

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    Malcolm:

    yeah… and i will have my bazooka ready :)
    I want my share!

  2. hi malcolm,
    i got alot of paypal info from this blog, & really wana say thankyou for for making this blog!

    i hope you can help me on this:
    i just got my pbb electron debit card, so i added it on my paypal acct. previously i already hav a maybank creditcard as my primary. so now i added my debit as a 2nd card. but seems like i cant link & confirm my debit card, when i click on the “save & continue” button to let paypal charge my USD1.95, i got a notification of “We’re unable to verify this credit card. Please check if the information you entered is correct. If the problem persists, please try to enter a different credit card.”

    so i think maybe i insert some wrong info of my card. so, i tried 2nd time. but i got notification was “this card was already registerd in paypal”.

    so, i hope you can giv me an advise for this.
    thanks malcolm.

  3. 1 more things, i hav already add RM30 to my pbb debit card!

    ==========
    Malcolm:

    Hi euseng. Thank you for your question. You need more than RM 30 in your card as the minimum balance in a Public Bank Visa Electron at any one time is RM 25. You can do the maths of USD 1.95 multiply with the current exchange rate for USD to RM. For further information, you can read my post on this issue which you highlighted here.

  4. I am with Webcash.

    “During the purchase process, a credit check is done on the shopper.”

    Tell me, in Malaysia , with our current technology, how a credit check can be performed? even banking and financial institutions refer to CCRIS or worst still some resort back to CTOS.

    CTOS is unreliable, and CCRIS is only accessible by financial institution like banks.

    “Bill Me Later pays the seller or merchant on the shopper’s behalf and collects the payment from the shopper later.”

    Malaysia has largest case of credit card card. No malaysia company dumb enough to take such risk. Even airsia resort to prepaid cc.

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