Tuesday, October 26, 2010

PayPal Introduces New Products

PayPal unveiled new technologies and partnerships at its X Innovate 2010 developer conference today in San Francisco "to monetize the three biggest opportunities converging in the technology world today – mobile, social and local," reports BusinessWire.

“The convergence of mobile, social networking, and location-based technology is creating tremendous opportunity for developers today,” said Osama Bedier, vice president of platform, mobile and new ventures for PayPal. “It's like the gold rush of the dot-com era, only bigger and smarter. PayPal X is all about helping developers monetize the opportunity, and that’s what Innovate 2010 is all about.”

Announcements made at the conference today include:

PayPal for Digital Goods
: an online checkout solution to let consumers to check out in as little as two clicks without being forced to leave their digital experience mid-session. Pricing is similar to PayPal’s pricing for micropayments: 5 cents plus 5 percent of the transaction, and leverages PayPal’s sophisticated fraud protection technology.

PayPal Embedded Payments: an online checkout solution for physical goods without having to leave a merchant’s app or website. Consumers can create a PayPal account, view payments details, choose a shipping address and approve the payment without being redirected to PayPal, improving customer retention.

PayPal Apps: in beta test, which will allow developers to embed applications directly on the PayPal website. PayPal Apps will include services such as small business tools, buyer and seller tools for eBay, and new enhanced ways for consumers to move money electronically. Bill.com, CreditKarma, Expensify, Freshbooks, Shipwire and Zuora are already building apps into PayPal.com. Developers attending Innovate were given exclusive access to the beta test, and it will be available to a broader audience next year.

PayPal Business Payments: a fast, secure method for sending and receiving payments for a flat 50 cent fee. The pricing is designed to lower overhead, reduce invoicing costs, and accelerate expense reimbursements for business services such as payroll, disbursement and rental payments. Early partners include Bill.com, Expensify, Freshbooks, Harvest, Plastic Jungle, and Zoho, among others.

Mobile: VeriFone announced that it plans to integrate PayPal into its merchant iPhone app and secure credit/debit card reader. PayPal’s own Mobile Express Checkout product is now available for merchants, helping them deliver a fast, safe two-click checkout experience on a mobile device. PayPal also unveiled new functionality and enhancements to the Mobile Payments Library, and introduced PayPal for Mobile 3.0, its latest iPhone app with location-based features.

: Six partners announced solutions based on PayPal X, including Discover and Bling Nation. All partner press releases can be found on x.com at www.x.com/media.

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