2 Sep 2011
The online retail sector is progressing at blazing speed, and more and more consumers turn to the charms of digital shopping. In the quest to protect customers’ cash and data from hackers and other digital villains, Paypal – the undisputed king of secure online payments – has expanded significantly lately and launched a number of initiatives to improve its services.
Unveiled at the end of 2010 during the digital payment conference, Innovate 210, PayPal presented a host of solutions involving both novel technologies and partnerships with other companies. The bulk of the initiatives focused on solutions that will enable developers to monetise the three areas converging in the technology sector today, namely mobile, social networking, and location-based technology. As part of the curriculum, Paypal presented solutions including new tools for mobile payments, and a new digital goods solution that allows consumers to pay for media, music and games in just two clicks.
PayPal Apps, meanwhile, allows developers to embed applications directly on the PayPal website. The innovation includes services such as small business tools, buyer and seller tools for eBay, as well as improved methods allowing consumers to move money electronically. Some companies that have already signed up to the service are Bill.com, CreditKarma, Expensify, Freshbooks, Shipwire and Zuora. PayPal has also introduced PayPal Business Payments- a fast, secure method for sending and receiving payments for a flat 50 cent fee.
Capitalising on the power of Facebook, the social networking site and Paypal joined forces recently in a deal in which Facebook will use PayPal to pay its developer community and adopt PayPal’s new solution for digital goods to make purchases on the social network site.