EVEN before Scott Thompson joined PayPal in 2005, he was already a firm believer in making online purchases and using electronic transfers to pay for stuff.
In fact, just prior to joining the global online payment company, he paid the fat deposit for a used Mercedes SL500 via PayPal and had the car shipped from the East Coast in the United States to his home in Boston.
The 51-year-old had his brother, who lived in the East Coast, assess the car to make sure it was as described by the seller.
"The transaction was absolutely perfect. I saved at least US$10,000 than if I had bought it locally at a dealer."
After rising through the ranks from senior vice-president and chief technology officer to president, he now oversees the San Jose-based company, which has 75 million active users and offers transactions in 19 currencies from the Swedish Krona to the Swiss Franc.
One service provided by PayPal is its buyer protection that helps users on items paid for but not received. The company acts as the go-between, contacting the seller to deliver the item or provide a refund.
So into electronic buying is he that even daily purchases - from toys for his three children to books and movies - are bought and paid for online, almost always with PayPal.
"I don't have the time to run to the store. If I really want to do comparisons, how many stores can I drive to?" he says.
"Online, I can visit a hundred different opportunities in 15 minutes."
PayPal's online payment services offer convenience, but Singapore's banking system allows Internet funds transfer, which some local online buyers and sellers are using. What else can you offer?
The major banks have come together and decided that I can transfer money from my bank to yours even if you are in a different bank. But this is unique only to a few countries and for only local purchases in the local market.
Now, if you wanted to buy something in Australia, how would you do that with a local bank?
And do you have buyer protection? For example, if two days later, you find that the item is broken, is there a recourse? If your only method of payment is via the bank, it does not work with customers in other countries.
We enable the transaction between two parties and have safeguards that allow the individual who sells or buys products to rely on us to ensure that the transaction works.
PayPal has a strong presence in the United States but how about Asia?
We have 12 million accounts throughout Asia and a very rapidly growing business, despite a weakened global economy. There is a healthy flow of personal payments but the bulk of the growth is merchants accepting us, e-commerce goods and services and consumers buying things.
What factors make PayPal such a success, no matter which market it is in?
When we talk to consumers, what we hear is similar, no matter which market they are in. They say: "I do not shop online because I am worried about revealing my personal information online, especially for smaller merchants."
One feature very big with us is that you can shop without sharing. We never share your financial information with anybody. The other compelling reason is how fast and convenient it is, with retailers that have the PayPal icon. All the required information is filled in, you just need to enter your password.
One of the reasons PayPal had great growth in the US was because of the rise in online auction services like eBay. But in Asia, online auctions are not as popular. How has PayPal reached out to new customers here?
In the last few years, it has been small merchants with websites who want to sell things across the Internet to a global base of consumers. As more merchants see how we do it, and get incremental sales when they integrate PayPal, it is a no-brainer and that is where we see growth.
With the current economy, have you noticed different spending patterns? Are people buying less or using the Internet to buy cheaper items?
The shopping occasion has not changed. You are going to need to buy gifts and things for yourself and for other people.
Those who worry about their jobs and money, they are still spending. Now, they are spending more time finding, researching and exploring the Internet more deeply than before, to find exactly what they want, at the right price - usually paying significantly less.
