PayPal Innovate X Conference: The Future of Money
We would probably properly call this “the future of online money,” although it is likely well-tied to the actual future of money.
With the evolving paradigm of social media comes a great deal of opportunities to connect as well as make money. Angling to become the gatekeepers of transactional finance of the digital age, PayPal is coming up with solutions that will help developers make use of these new advances.
At the conference, Facebook COO Sheryl Sandberg announced that Facebook will use PayPal to pay its developer community and adopt PayPal’s new solution for digital goods to make purchases on Facebook.
“Since launching PayPal’s open platform a year ago, PayPal has learned a lot from the developer community and evolved our platform to meet the needs of this dynamic global market,” said Scott Thompson, PayPal’s president. “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.”
Digital goods is a gigantic market and Facebook is by no means far behind in monetizing and giving access to users for those available through their social networks and social gaming platforms—distinctly true with the production of Facebook Credits. Paypal’s involvement will only strengthen their hold across the digital divide, enabling customers to easily move money from virtual wallets to purchase virtual (digital) items.
Other angles PayPal intends to take also includes physical goods, enabling developers to embed PayPal payment apps in websites without having to redirect users to PayPal’s website in order to authorize them. The current method involves a button that takes users to PayPal to sign in, processes the payment, and then takes them back to the site that initiated the payment.
PayPal also intends to delve further into enabling business transactions with PayPal Business Payments. Involving a pricing system that costs only a flat-rate 50 cent fee per transaction with the intention of lowering overhead and thus bringing in more businesses who otherwise face exorbitant fees for processing credit cards through card authorization vendors.
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