For those of you that are not too familiar with TIO; TIO is the largest bill payment processor for telecommunications, wireless phone, cable and utility payments. In July, they were acquired by PayPal for $174M, only to span out to now where PayPal recently suspended the service after what seems to be a security vulnerability that has been discovered. Definitely a smart move from PayPal considering that safety and consumer protection should be one of the highest responsibilities for them.
 | Chase College CheckingSM: Get $100 as a new Chase checking customer when you open a Chase College CheckingSM account and complete 10 qualifying transactions within 60 days of account opening. Get Coupon---Chase College Checking Review |
| Chase Secure BankingSM: Earn a $100 bonus when you open a new Chase Secure BankingSM account online or enter your email address to get your coupon and bring it to a Chase branch to open an account. Make sure to complete 10 qualifying transactions within 60 days of coupon enrollment. Apply Now---Chase Secure Banking Review |
| Chase Private Client: Enjoy up to $3,000 bonus when you open a new Chase Private Client Checking account with qualifying activities. Get more from a personalized relationship when you open a new Chase Private Client Checking account with qualifying activities. Learn More---Chase Private Client Review |
PayPal Suspends TIO Bill Pay Service Summary:
- Security vulnerability forces PayPal to suspend it’s TIO Bill Payment Service
- This increases the prospects of Plastiq moving up
“While we apologize for any inconvenience this suspension of services may cause, the security of TIO’s systems and the protection of TIO’s customers are our highest priorities”
TIO vs. Plastiq:
Both of these Bill Payment Services are offered under PayPal, however, it doesn’t mean that we can’t compare them! Below will be widely a comparison between the two services and hopefully we’ll establish which service we find more exceptional.
- TIO fees are much higher than Plastiq’s
- TIO doesn’t always allow payments with credit card
- TIO has the ability to pay credit card bills via debit card (Plastiq doesn’t allow this)
Final Analysis:
PayPal recently discovered a security vulnerability within TIO’s Bill Payment Service leading to the service being suspended until the vulnerability meets a solution standard. At a standpoint, TIO has much higher fees than Plastiq and doesn’t allow payments with a credit card. This incident could lead to further growth the PayPal’s Plastiq service. Don’t forget to check out our full list of Credit Card Bonuses if you’re not interested at the moment.
