PayPal Showcases the Future of Money at Its Innovate 2010 Conference
SAN FRANCISCO--INNOVATE 2010 -- At its PayPal X Innovate 2010 developer conference today, PayPal unveiled new technologies and partnerships that will allow people to change the way they pay – accessing their digital wallets from more devices to shop, browse and pay anytime, anywhere.
News at the conference focused on solutions that will allow developers to monetize the three biggest opportunities converging in the technology world today – mobile, social and local. These solutions include new tools for mobile payments and a new digital goods solution that allows consumers to pay for media, music and games in just two clicks.
At the conference, Facebook COO Sheryl Sandberg announced that Facebook will use PayPal to pay its developer community and adopt PayPal’s new solution for digital goods to make purchases on Facebook.
“Since launching PayPal’s open platform a year ago, PayPal has learned a lot from the developer community and evolved our platform to meet the needs of this dynamic global market,” said Scott Thompson, PayPal’s president. “Our developer community is changing the way people shop, get information and access entertainment. And together, we’re changing the way people pay for those things. I couldn’t be more excited about the opportunity ahead.”
“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.”
Product announcements made at the conference today include:
PayPal for Digital Goods
PayPal X now provides an online checkout solution designed for digital goods. PayPal for Digital Goods allows consumers to check out in as little as two clicks without being forced to leave their gaming, video, news, music or any other digital experience mid-session. The solution leverages PayPal’s pricing for micropayments – just 5 cents plus 5 percent of the transaction. With PayPal’s sophisticated fraud protection technology, it brings another level of security to the digital goods market. And with 90 million active accounts around the world, PayPal helps digital goods providers sell across borders and reach a broad global customer base.
Facebook and FT.com are using PayPal to monetize the growing opportunity in digital goods.
PayPal Embedded Payments
Addressing a key developer request, PayPal X now provides 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, creating a better customer experience and increased customer retention for developers. FundRazr and PayPal Innovate 2009 alumni developer Payvment are early adopters of this new checkout solution. Delivering this product is part of the promise PayPal made at Innovate 2009 to dedicate 30 percent of its product roadmap to requests from the developer community.
PayPal Apps
PayPal is introducing the beta test of PayPal Apps, 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 (Nasdaq: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
PayPal is introducing 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 using PayPal business payments 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 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. More details can be found here.
Partners
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.
Innovate 2010 is the only developer conference dedicated to payments. The conference, at Moscone West on Oct. 26-27, brings together developers and industry experts to explore three main areas that are changing the way we pay: the phenomenal growth of mobile payments, the rise of social commerce and the move to Internet-enabled local payments.
Follow PayPal on Twitter: #xinnovate, @PayPal and @PayPalX. For additional information on PayPal X, please visit www.x.com.
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 90 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later.
More information about the company can be found at PayPal.com. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore.