Using E Bay For Microfinance Essay

983 words - 4 pages

By now most everyone has heard of or used eBay. In its short 15-year history, eBay has become one of the most widely used mediums for online buyers and sellers to trade in a peer to peer format, a format that has been wildly successful. From individuals selling junk they found in their attic to start-up storefronts within eBay, one’s buying options are endless and are diversified into hundreds of categories and sub-categories. As most who have ever used eBay to buy or sell anything know, there is usually the always-certain checkout through Paypal (which eBay acquired in 2002). Though these companies seem to have one thing in mind, making money, it might interest most to know that they are both making a difference in their own ways. Given that eBay has acquired and owns Paypal, they still operate as two separate entities and give back in separate ways. First, Paypal has begun facilitating payments for microloans through organizations like Kiva and other microfinance outfits. Paypal and eBay have started their own microfinance site in the form of MicroPlace, which is similar to most other microfinancers like Kiva. In addition, eBay has started a site that operates like the normal eBay site, but with a twist. This new, innovative wing of eBay allows buyers and sellers alike to give to their favorite causes through buying and selling in the auction format that we have grown so familiar with.

Over the past few years an old dog has learned some new tricks. Though microfinance has been around since the 1970’s, it has reemerged as a very innovative and effective way to eradicate poverty by furnishing a way to create income and sustain it through small, low interest loans. One of the most popular microfinance companies is the online success story, Kiva. Kiva is one of the largest and most well recognized microfinance organizations and has only been around since 2004. Its young age explains its role in giving rise to the twenty first century’s interpretation of what microfinance is, and how to harness its power to impact the world. With its instant success and ability to help countless numbers of people around the world, others quickly jumped on board the microfinance train including eBay and Paypal.

Paypal’s first efforts to assist in the world of microfinance were done by utilizing their current checkout system. Paypal first teamed up with organizations like Kiva to facilitate the original principal payment in the loans and then its repayment to the lender. Paypal was chosen for its ability to operate like a bank account in that you are able to send and receive monies through its easy to use site. The real question is: How do I use Paypal to start giving out loans? Well, it’s as simple as it has always...

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