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GreenZap – PayPal New Competitor?

I need the comments and opinions of all my readers on this one. Most of all, since I’m a skeptical sort and a bit of a geek, I want to hear your hard-line appraisal. If it all looks as good as I think it looks – I’d also appreciate your signups.

I’ve just signed up for the GreenZAP program that prelaunched on April 2 and will start June 15. It looks to me as though it could be a real competitor for PayPal.

It’s a completely different kind of setup. Rather than directly hooking into your bank account, it sets up an online account for you. It’s free and they give you $25 to join.

Receive a $25 gift simply for signing up for a free account.
Earn $5 for each person you refer to GreenZap
When you upgrade to a Gold account (i.e. transfer $100 into your account), GreenZap will reward you with more money for your referrals:
You’ll still receive the original $5 referral commission
Receive an additional $20 when your referral upgrades to a Gold account
Receive $10-$30 everytime someone who stems from you opens a Gold account like in the following example:
5 GreenZap Gold referrals = $5 for every member in your community
10 GreenZap Gold referrals = $10 for every member in your community
20 GreenZap Gold referrals = $20 for every member in your community
30 GreenZap Gold referrals = $30 for every member in your community

You can use the account to shop, but also to receive money or send money. I’ve been using Paypal for some time, and there are a few things I don’t like about it. This could be a real alternative. My question is, how do they make money on this? Ads? How could they afford to “seed” all those accounts?

I’ve always thought that if it seems too good to be true, it probably is. But it does seem like a good idea. And I felt this way about Google, etc as well, so I can be wrong!

I’ve signed up – it’s free, after all. So meanwhile, before it opens, comments are welcome! If you want to join, here’s my signup link. You can get your own $25, and a link to refer other people. Since there is no cash output and no sensitive information requested to join, I don’t see any reason not to go at least that far. But I really want the lowdown fast before it opens so I can decide whether or not to get more involved.

Sign up for GreenZap Now
Sign up here to Zap green online.

And – if you know anything that would make it inadvisable to join – please comment!

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