Making it easier for third party software developers to integrate the much popular online payment system into their own programs, eBay Inc.'s PayPal has introduced PayPal X. The new open software platform through which PayPal will, as confirmed by Osama Bedie, vice president of platforms for PayPal, help facilitate almost $70 Billion worth of online transaction in this year alone.
With PayPal X, users will not have to give their username and password to a separate PayPal site to complete a payment. Instead, they will be able to sign into their PayPal accounts and make payments from right inside an application. "We're taking all of our product capabilities and making them open and that much easier for you to use", said Scott Thompson, PayPal's President.
The system, which has been speculated for very long, will make a grand debut on Tuesday in San Francisco, at a sold out event for developers. Companies like Twitpay Inc., and ConnectionPoint Systems Inc.'s FundRazr have already been testing PayPal X.
With PayPal X, PayPal is expecting to keep its strong position intact in the online payments sector, which is now rapidly growing and new competition is emerging every day.