It’s time again to bring our focus back to the “Big Picture”. The purpose of this blog post is to help new users get oriented and learn what PayBox is all about—and also to help our existing users stay up-to-date and focused on our goals as we continue to develop the PayBox service.
PayBox is developing an online currency and payment processing service to make buying and selling online easier, more secure and available to everyone. We’re designing our service with the help of a dedicated group of EarlyBird users who are contributing ideas and feedback.
Person-to-Person transactions are working. Any user can transfer funds from their PayBox account to another user’s account. Currently PayBox is a “closed box” system, that means all transactions are within our system only. Users cannot deposit or withdraw funds at this time.
We currently have several exciting projects in development. Thursday and Friday are the days scheduled for posting updates and announcements about current projects. So, you’ll learn more about our current projects in a few days.
In time, we plan to “Open the Box”, inviting merchants to accept PayBox. This will allow our users to pay any merchant who has registered to accept PayBox payments. We also plan to offer debit cards linked to user accounts.
In order to form the essential working relationships with large merchants and payment networks, we need a bigger user base. What does that mean? More users! We must grow our user base to 2-5 million users (our Stage 2 growth goal) before we can really begin work to “Open the Box”.
We currently have about 272,000 active users. At our current growth rate, we expect to begin work to “Open the Box” in April of 2011. That’s just an estimate, it could be sooner or later if our growth rate changes.
Just follow the instructions on the first page when you log in. Also, please invite friends to use PayBox. Tuesday and Wednesday’s blog posts will include more specific instructions on how you can help. To everyone who has been contributing to our growth and giving feedback in our surveys, we want to say—Thanks! Keep up the good work!