Citigroup Kills PayPal Wannabe
from the taking-down-the-big-boys dept
About three years ago, when PayPal first really became "big", suddenly everyone started trying to offer a PayPal type service. eBay created their own, which went nowhere until they just bought PayPal. Yahoo had troubles with their version, and eventually partnered with a bank to provide a similar offering. The one that seemed to get the most press, though, was Citigroup's c2it. People all over were predicting that it would kill PayPal. After all, who would you trust with your money? Some little startup in Silicon Valley or Citibank? It appears the people went with the Silicon Valley startup as Citigroup has announced they're shutting down c2it. It seems that they were betting that people would use person-to-person payments for just about everything, and the reality is that it's mostly just used for auctions - where PayPal has the market sewn up.