Walla! restarts an Israeli version of eBay

haaretz.com:

Walla! announced yesterday two new services which are local versions of eBay and Paypal.

Walla!Buy is an online market and auction site, while Walla!Pay allows users to make secure payments without revealing their credit card details. The development of the sites, similar in design to the U.S. sites that they emulate, took more than a year and cost more than NIS 2 million.

Walla!Shops CEO Uri Nadler explained that Walla!Buy works as an open trading arena, in which any individual or business can offer items for sale. Nadler expects the new site’s revenues to reach NIS 300 million within three years.

The site allows fixed-price sales, auctions and also classified ads for items which are not yet for sale such as vehicles or real estate. When an item is paid for using Walla!Pay, the money is charged from the buyers credit card to Walla!Pay, and then the buyer must confirm that he has received the item before the money is transferred to the seller. Items can also be delivered by UPS, at an extra cost of NIS 49, and then the money is transferred to the seller once the courier confirms delivery.