PayPal Adaptive Payments System Announced
July 24th, 2009 Leave a comment Visited 75 times, 1 so far today
PayPal opens up to third party developers
eBay owned financial service PayPal has announced their Adaptive Payments System which enables third party developers to use their APIs to create new tools and services.
PayPal announced this at the Platform Preview Event in San Jose, California.
The company said: “PayPal will be the first and only global payment service open to third-party developers.”
Incidentally, Amazon is already offering similar tools for their own payment platform. So, PayPal is just trying to catch up.
However, they are much more popular online compared to any rival services so this is going to benefit a lot of developers and their users.
Checkout: PayPal
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July 25th, 2009 at 8:24 pm
I think the big story in all of this is the following: the major Card Brands such as Visa, MasterCard, American Express and Discover have done an exceptional job over the years building a global network of cardholders and accepting merchants to facilitate commerce. It’s now a global standard. They have built substantial barriers to entry for others (look at Revolution Money who has raised around a $100 million to try and penetrate the U.S. market).
Collectively, the internet, globalization, social networks, and mobile phones have been shifting the payments landscape and reducing these barriers. It’s the wave that Paypal and other innovators have been riding and has turned what was a potential threat and minor scratch for the Card Brands into an open wound.