It’s time again for our weekly re-focus on 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.
The Big PicturePayBox 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.
What has been developed?
Person-to-Person transactions are working. Our users can transfer funds from their PayBox account to other user’s accounts. 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.
What is being developed?
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 hear more our current projects in a few days.
What is planned?
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.
What needs to happen?
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 are working to grow our user base to 2-5 million users (our Stage 2 growth goal) before we can really begin work to “Open the Box”.
When will it happen?
We currently have about 249,000 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.
What can you do to help?
Just follow the instructions on the first page when you log in. Also, please invite friends to use PayBox. Tomorrow’s blog post 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!