PayPal unveils PayPal X global payments platform

 Paypal has introduced today its global payments platform, PayPal X at its first Developers Conference held in San Francisco. PayPal X includes new application programming interfaces (APIs), a new developer portal and introductory services designed to help developers reap the financial benefits of building businesses on PayPal X. Another one PayPal service - a mobile payment toolkit to embed payments directly into mobile applications – was also demonstrated in partnership with iPhone.

Scott Thompson, PayPal’s president said: “The whole world is going digital, and the future of how we communicate, how we get information, and even how we transact, is in the hands of developers. The network is the platform on which the potential of digital money will be fully realized.” 
PayPal presented new capabilities and enhancements for its Adaptive Payments APIs, expanding payment functionality for multiple recipients and on multiple platforms. Among the new capabilities there are currency conversion which is now made automatically by fast, easy global payment apps, using current exchange rates; Pay Anyone let the customers of the financial and other institutions send money after logging in to their bank accounts; pre-approvals which enable developers to create reusable payments agreements between buyers and sellers. 

The upgrade was made for the initial Adaptive Payments APIs for its present global availability. The customers can send money building person-to-person (P2P) solutions or business-to-business (B2B) payment applications on their platform of choice – whether it’s the mobile phone or a social networking site. Developers can also create chained payments taking a cut or distributing funds from PayPal payments as they happen or parallel payments which enable buyers to send money to several people in one payment.

PayPal unveiled a beta of its Adaptive Accounts API to provide a streamlined signup experience for people who don’t have PayPal accounts without loosing security and privacy of consumer data. With the new API, developers can create PayPal accounts for their customers from within their applications. 

PayPal will offer new pricing for service payments, such as rent, consulting businesses or payroll since Q2 2010. The introductory pricing can be chosen from a flat fee of 50 cents for service transactions funded by a bank account or PayPal account balance, with a three-day settlement period; or a 0.75 percent fee for service transactions funded by a bank account or PayPal account balance, with instant settlement. The comprehensive pricing package for developers is also offered: it includes PayPal’s tiered e-commerce pricing of 1.9 - 2.9 percent plus 30 cents; and PayPal’s micropayments pricing of 5 percent plus 5 cents, ideal for transactions under $10. 

The mobile payment software development kit (SDK), a key component of PayPal X, makes it easier for developers to integrate PayPal into mobile applications to buy physical goods and will be available in the first half of 2010. PayPal also presented X.com, a new developer portal with all the information developers need to create applications built with PayPal X.