PayPal X: Get Ready For The New PayPal

Original author: Ben Parr
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(July 23, 2009 | Ben Parr, )

(transferred from his blog - this is the place here)

For many years PayPal had no competitor in the online payment industry. However, after Amazon launched its Amazon Payments in 2007 , it turned out that it was not just a real competitor, but also a system that was friendlier and more open to third-party developers - today many applications use Amazon Payments instead of PayPal. And do not forget about Google Checkout , also participating in the competition.

However, today PayPal has returned to the competition, opening PayPal X and Adaptive Payments, a new initiative that will allow third-party developers to use PayPal in a completely new way. Get ready to split payments, merge payments and use PayPal with other sites.

The basics of PayPal X

PayPal opens its platform to developers. This leads to the fact that they can now create new products outside of PayPal. This is called PayPal X. The first part of the new initiative is PayPal Adaptive Payments, based on a new API that allows developers to do new things with PayPal.

All information intended for developers will be posted on the PayPal single-letter domain(Now on the site you can apply for participation in closed beta testing - approx. translator).

Here are some features available right now:
  • Send money: P2P payments can and will be carried out on many platforms, not just
  • Split payments: Now you can use the platform to share one payment between several recipients. For example, if you need to pay a commission on sales to several partners at once, you can send only one payment instead of four or five.
  • Confirm payments: As soon as you log in and confirm prepayments, the API will automatically send money based on the predefined details (that is, now you can actually make “payment requests” that will be paid only after the user logs in to the site and confirms individual payments or all at once - approx. translator).
  • Combine payments: To reduce the cost of transfers, users will soon be able to combine several payments into one common transaction. Amazon Payments already allows this.

This could be good news for many small firms and third-party developers. As an example, you can look at TwitPay . TwitPay allows users to send and receive micropayments (up to $ 1000 - approx. Translator) via Twitter . The service works using PayPal, and, in fact, this is one of the first applications using the Adaptive Payments platform (leadership is probably the reason why they switched from Amazon Payments). The new API allows you to do operations such as sending payments directly to (and, hopefully, it will be possible to split payments soon).

PayPal Adaptive Payments will not be available to all users and developers until November, however, it is expected that we will see new sites that implement PayPal X technology very soon.

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