We’re at PayPal’s much-hyped PayPal Innovate X 2009, the payments company’s first dedicated developer conference. PayPal, which reported strong earnings recently, is hoping to engage developers in producing applications on top of PayPal’s newly released API. eBay’s CEO John Donahoe said this morning that PayPal is set to be bigger than eBay in the near future, forecasting the payment company’s continued growth and dominance in the space. We reported on parts of the open platform here and here. PayPal is already testing the platform with startups Payvment, FundRazr, Lottay and TwitPay. PayPal is officially opening up its PayPal X platform to developers and will be presenting a roadmap for its view of the future of payments.
Here’s a comprehensive list of the Adaptive Payments APIs that PayPal is releasing today. Adaptive Payments are the first suite of APIs that are part of PayPal X’s open platform. I’ve also embedded the full list of APIs that will eventually be available on PayPal X below.
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.
network –
Christmas is earlier this year !
I see a string of new Internet Marketing scripts that you just “can’t live without” coming out very soon utilizing these new API’s, especially the ability to do stringed payments…..
Pretty cool stuff coming out of PayPal – now if they just get rid of their neo-nazi , we control your money attitude, they would be a good potential solution for larger businesses.
If internet gambling makes a come back this could be huge.
Nothing is stoping anyone from adding this new payments engine to anything, i say go for it.
paypal is trying to innovate here, but the fact is they hold customers money, put reserves and do all kinds of stuff so you will not get money back from them that easily, lots of customers we work with who got paypal account are facing this problem
they need to fix their policy on holding customer money before asking people to use their service
Anything new for subscriptions payments?
You can now build your own subscriptions plaftorm and use PayPal functions as if you owned it.
If Paypal reduced it’s outrageous fees it would be even better.
What a dumb name “X”.
Actually Elon’s company was x.com before it merged with paypal.
Does this mean someone could finally code a Quickbooks/Paypal plugin? Current methods of interfacing the two are kludgy at best and potentially dangerous (the leader in the current crop says “backup Quickbooks before every use”).
May want to look at if Mint is planing something. See the Mint story on TC today.
I just want a payment solution that’s fee isn’t based on a percentage of the transaction. It doesn’t take any additional technology for them to process a $500 transaction than it does to process a $5 transaction, yet they take a percentage instead of a flat transaction fee.
To PayPal’s credit, they announced by using Adaptive Payments, they will take something like a $0.50 flat fee per transaction, which is really a good change.
I don’t think it’s possible. Major cost of payment is the fee charged by underlying payment instrument. I don’t see how Paypal not lose money to process a $1000 credit card transaction (pay $2+ to credit card association) while it only charge merchant $0.50.
Im sorry, the flat fee is for funds done with balance or bank drafts I believe.
Good point! $1000.00 processed at 3% is $30.00 for a :swipe” that is the same for $10.00 at 3% is 30 cents.
UseMyBank is an online payment service provider for merchants who want to accept payments from their customers with online banking. We have flat rates available.
A question about “Pay Anyone”. How does third party get user’s paypal credential? How much risk does it introduce?
They introduced “Adaptive Accounts” which is a streamlined way to get people money who does not have a PP account. I gather they will allow a user to verify the email address then just enter a bank account to transfer to.
Amazon Payments is something similar to this also.
As to your question, I belive you simply add a email address of the person you want to pay and you can even create a PP account for them with your app.
Too little too late.
@Alex
What are some other suggested payment services that offer better feature set, or even fees ?
I wonder how much they paid for the single letter domain name!
elon musk bought it for x.com back pre-paypal merger
Paypal is a great company and I think they will bounce back
bounce back from strong earnings and billions in revenue?
i wonder how much they paid for x.com
Huh? No mention of the free netbooks given to every participant? I would think that that would be newsworthy…
These are all focused on expanding PayPal to new customers and businesses, rather then *fixing* their current system. How about they just make it easy for me to sell a widget without having to sign-up *my* customers to their service?