Nov. 3, 2009 (Business Wire) -- INNOVATE 2009

PayPal today opened its global payments platform, PayPal X. The company unveiled new application programming interfaces (APIs), a new developer portal and introductory services pricing to help developers reap the financial benefits of building businesses on PayPal X. PayPal also demonstrated a mobile payment toolkit to embed payments directly into mobile applications – starting with iPhone.

“The whole world is going digital, and the future of how we communicate, how we get information, and even how we transact, is in the hands of developers,” said Scott Thompson, PayPal’s president. “The network is the platform on which the potential of digital money will be fully realized.”

New Capabilities for Adaptive Payments

PayPal unveiled new capabilities and enhancements for its Adaptive Payments APIs, expanding payment functionality for multiple recipients and on multiple platforms. New capabilities include:

• Currency conversion: Fast, easy global payment apps, automatically converting currencies using current exchange rates.
• 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.
• 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.

The initial Adaptive Payments APIs have all been upgraded. Tested by more than 1,000 developers in the beta program, they are now available globally.

• 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.
• Chained Payments: Developers can take a cut or distribute funds from PayPal payments as they happen.
• 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.

Introducing Adaptive Accounts

PayPal introduced a beta of its Adaptive Accounts API to provide a streamlined signup experience for people who don’t have PayPal accounts, while maintaining security and privacy of consumer data.