PayPal introduces global payments platform PayPal X

The program was officially announced at the inaugural PayPal X Innovate 2009 conference in San Francisco, where the company announced new capabilities for its Adaptive Payments APIs, expanding payment functionality for more recipients and on multiple platforms. According to the company`s website, these enhancements include:

• currency conversion: automatically converting currencies using current exchange rates
• with the “pay anyone” feature, financial and other institutions can now enable customers to send money when logged in to their bank accounts. It is not necessary for these customers to have a PayPal account.
• with pre-approvals, developers can create reusable payments agreements between buyers and sellers. While payment approval occurs online, money movement can occur offline and not within a single intervals, as well as via multiple devices which are not necessarily internet-connected at the time.
• send money: developers can also integrate person-to-person (P2P) solutions or business-to-business (B2B) payment applications both online and through the mobile channel
• parallel payments: developers can enable buyers to transfer funds to more people in one payment, which is ideal for buying multiple items from different sellers, or even for payroll applications.

PayPal has also rolled out a beta of its Adaptive Accounts API, which enable developers to create PayPal accounts for their customers from within their applications. Thus, with PayPals APIs, customers can engage directly within the developers` applications, instead of being redirected to the actual PayPal website for payments. Those who do not have a PayPal account can sign up for one within the third-party application and pay via PayPal from within that application.

Starting H1 2010, PayPal X will also integrate the mobile payment software development kit (SDK), with which developers can integrate PayPal into mobile applications to purchase physical goods, by adding a checkout button to accept mobile payments.

Already tested by more than 1,000 developers in the beta program, the Adaptive Payments APIs are now available worldwide. AERS, Carlson, FIS, FundRazr, MedPayOnline, Payvment, Playspan, ShopSavvy, Storenvy, Super Rewards, Sun Microsystems, S1 and Zuora are among the companies which have already announced new applications built with the PayPal X global payments platform.