The X. Paypal goes open source.
November 4th, 2009 • Social Business, Strategy
Payment provider Paypal has just launched Paypal X. The new system opens up Paypal’s API and lets developers work on new solutions based on one of the world’s best online payment providers. Bascially it is about integrating payment functionalities with drag and drop or making them embeddable. And yes, the preview of the platform is a Wow!
About a year ago Jeremiah Owyang, (then Forrester) published his well known article ‘The Future of the Social Web‘. He sketched the likely evolution of the internet in five overlapping phases, taking us from the ‘Era of social relationships’ to the ‘Era of social commerce’ (an era which he expexted to start in ~2011.
In approximately two years, social networks will be more powerful than corporate Web sites and CRM systems, as individual identities and relationships are built on this platform. Brands will serve community interests and grow based on community advocacy as users continue to drive innovation in this direction.
What has happened today may not yet be the start of Owyang’s era of social commerce, but it’s a dramatic step. Paypal has launched Paypal X – a platform which the payment provider is going to present at Innovate09 these days. PayPal X basically opens up the services of PayPal and gives developers worldwide access to open payement functions like the following (via Techcrunch)
1. Currency Conversion: Fast and easy global payment apps, automatically converting currencies using current exchange rates.
2. Pay Anyone: For financial and other institutions to let their customers send money when logged in to their bank accounts. Their customers won’t need a PayPal account to use the service.
3. Pre-approvals: Enables developers to create reusable payments agreements between buyers and sellers. While payment approval happens online, the actual money movement can occur offline at different intervals, and through multiple devices that are not necessarily Internet-connected at the time.
4. Send Money: Developers can build 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.
5. Chained Payments: Developers can take a cut or distribute funds from PayPal payments as they happen.
6. Parallel payments: Developers can enable buyers to send money to several people in one payment, which is ideal for purchasing multiple items from different sellers, or even for payroll applications.
7. Adaptive Accounts API: Provides a streamlined signup experience for people who don’t have PayPal accounts, while maintaining security and privacy of consumer data. With the new API, developers can create PayPal accounts for their customers from within their applications.
Payment for the free apps will obviously be done via transaction fees.
We’re introducing new APIs and new pricing,” said Osama Bedier, VP of Platform technology at PayPal. Specifically, PayPal will charge 50 cents as a flat fee for transactions, in an effort to encourage more micropayments and applications that facilitate them. Many new APIs are available, and the snapshot of a slide below shows only some of them. (All are available at X.com.) (via gigaom)
This will add a lot of momentum to social commerce and the setup of free and smaller level payment and shopping apps. PayPal X will be an essential asset for PayPal to propably really grow bigger than ebay in the next couple of years. Especially as it starts to compete with Facebook in the very lucrative field of virtual goods.
Said Osama Bedier, PayPal’s VP of Product Development, “We’ll do 70 billion in sales this year, but there’s $30 trillion dollars being spent globally. We need to tap into this… You are the X factor.” (from Readwriteweb)
Related posts:
- 2010. What’s going to happen in 140 characters or less. As the year ends it’s time to think of...
- Adaptive Marketing. How not to go the Dodo way, Part 2. I did write about the concept of Adaptation Marketing...
- engagementDB. Altimeter’s social business compendium. Actually I am pretty well informed of what’s happening...
- Bring the Noise. Why google Buzz will Fail. Two days ago google announced google Buzz, a new...
- Adaptive Marketing. How not to go the Dodo way, Part 1. Forrester has just published an article called “Adaptive Brand...
Ähnliche Artikel bereitgestellt von Yet Another Related Posts Plugin.
Latest Comments