Filipinos: Screw Multiply, Use Friendster
While bottom-tier social network Multiply stepped into deep shit by partnering with ABS-CBN, OpenSocial-enabled Friendster is expanding its Philippine office. Friendster serves 10.7 million Filipinos — and despite their history of technical glitches and patent trolling, I like the way they show how people are connected. They’re smart enough to use OpenSocial, they didn’t lure users through illegal filesharing, they didn’t lure users through nontransactional online “storefronts”, and they didn’t become party to a petty network war. Friendster already avoids a lot of the mistakes Multiply makes.
That’s because Friendster focuses on its core business of social networking — from expanding in key markets to adopting the right technologies. Even its patent-trolling is on focus. Multiply, meanwhile, goes half-baked on everything — from ersatz filesharing and content management, to ignoring de facto industry standards, to relying on some silly TV station to sell ad space.
Here’s the bottom line for Filipino social networkers: Multiply is slow to adopt standards, dependent on a TV station, and unfocused as a social network. Friendster adopted OpenSocial early, maintains its own office in a key market, and remains focused as a social network. Multiply serves around 2 million Filipinos, Friendster serves 10.7 million. If you want to connect with Filipinos, then screw Multiply. Use Friendster. That goes for users, developers, and advertisers.
(Of course, to connect with your American friends, use MySpace. Story via Hans Koch.)
PayPal Bank Transfers Catch UnionBank Off-Guard
“It’s all about thriving in markets that are smarter and faster than you are. It’s all about being utterly fucked if you don’t know what I’m talking about.” — Hugh MacLeod.
First, the good news: PayPal now transfers money to Philippine banks. It’s free for transfers above PhP7000.00, with a transaction fee of PhP50.00 (~$1.23) for transfers below that. Previously, only credit cards and UnionBank EON cards could receive PayPal funds in the Philippines, with a fixed $5.00 transaction fee.
Now, the bad news: UnionBank, with whom I opened an account for the express purpose of receiving PayPal funds through a UnionBank EON card, thinks their bank code is some sort of fucking top secret shit. I just got into a fight with one of their customer service agents over it. He questioned the need for a bank code on PayPal; I dared him to log on to his PayPal account and see for himself.
I do not appreciate being called a liar, especially by people who cannot see the obvious. Unless UnionBank gives me the information I need right now, they will lose some of my business. Interesting how they’ve turned from one of the smartest banks in the Philippines to one of the stupidest, all within the course of one Sunday. That’s what happens when your market is faster and smarter than you.
To be fair, UnionBank EON is the only Philippine debit card I would use right now to make payments online. As for receiving payments online, however, I’m afraid I’ll have to look elsewhere. Here’s a list of banks who aren’t so insanely secretive about their bank codes, courtesy of Pinoy Money Talk. Note that bank codes are different from SWIFT codes.
(Update, January 29: New list available. Click here.)
As is too often the case in opaque Philippine business, even this very basic information had to be gleaned from original customer research. Use at your own risk: PayPal charges a PhP250 return fee for incorrect details.
Smart Philippine banks will publicly post their bank codes ASAP to attract fast-moving PayPal users. If you want cheap, easy access to PayPal funds newly flowing into the Philippines, open an account with any of these banks. Don’t go with banks that are too slow or stupid to give their customers the basic information they need.
