Since eBay Australia’s announcement that Paypal will be the only allowable payment method on the site (apart form cash on pickup, and credit card via Paypal), competitor Australian auction site Oztion has seen a large jump in daily site registrations.
According to Oztion,
… daily new member registrations has jumped by more than 250% since eBay’s recent announcement. Our internal data shows that 79% of buyers per month use direct deposit as their payment method.
A 250 % increase in your daily user registrations is pretty large. Although Oztion is a much smaller site compared to eBay Australia they have seen steady growth and are now more commonly discussed as an alternative selling platform by Powersellers.
I believe they could really capitalise in the short term thanks to eBay, and boost their seller and buyer base enormously.
Oztion’s resgistered member count now sits at about 250,000, well short of eBay Australia’s millions, but is still growing.
To be honest, I was surprised when Oztion told me their data showed 79% of transactions occurred with direct bank deposit, but in Australia bank transfer or bank deposit is easy and convenient with online banking. eBay’s payment percentages will be skewed because of international payments whereas Oztion is heavily Australian focused I feel.
So, if you are a seller or buyer, and like to use bank deposit then Oztion might be another place to try. Best to have your eggs spread around in a few baskets, and more competition in the marketplace is required I think.