PayPal has unveiled new technologies, including a way to pay on social media, that it says will change the way people pay online.
The company showcased new solutions that allow payments through social media, a new two-click way of paying for digital goods, as well as mobile payments at its Innovate 2010 developer conference, held this week.
At the event Facebook chief operating officer Sheryl Sandberg announced that the social networking site will use PayPal’s new payment system to allow purchases.
Through PayPal X consumers can check out their payments for digital goods in as little as two clicks without leaving the site or activity they’re taking part in – whether that’s gaming, video, new or social networking. Consumers can create their PayPal account, view details, choose a shipping address and approve the payment without being redirected to PayPal. PayPal says PayPal X will enable micropayments, priced at 5 cents plus 5% of the transaction value, as well as allowing digital goods providers to sell across borders to customers worldwide.
It’s initially being used both by Facebook and FT.com.
And in mobile, the Mobile Express Checkout is now available for merchants to take payments via mobile phone.
Scott Thompson, president of PayPal, said the new solutions showed the benefits of its open platform approach to development, launched a year ago.
He said: ““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.”
Osama Bedier, vice president of platform, mobile and new ventures for PayPal, said: “The convergence of mobile, social networking, and location-based technology is creating tremendous opportunity for developers today. It's like the gold rush of the dot-com era, only bigger and smarter.”