PayPal Announces New Payment Solution For Digital Goods
PayPal today announced the upcoming availability of PayPal for digital goods, a new in-context, frictionless payment solution that lets consumers pay for digital goods and content in as little as two clicks, without ever having to leave a publisher’s game, news, music, video or media site. And in other news, local company TYLER Projects has selected PayPal’s digital goods solution for payments within its flagship game, Battle Stations
Read on to view the press releases.
PayPal Unveils New Payment Solution for Digital Goods
Industry Leaders Facebook and FT.com Using PayPal to Simplify Micropayments for Digital Content
INNOVATE 2010, SINGAPORE – Oct. 27, 2010 – PayPal today announced the upcoming availability of PayPal for digital goods, a new in-context, frictionless payment solution that lets consumers pay for digital goods and content in as little as two clicks, without ever having to leave a publisher’s game, news, music, video or media site. The online equivalent of dropping a quarter in the slot to buy a newspaper or play a video game, PayPal’s new solution solves a key problem for the digital goods industry by offering a faster, safer and more cost-effective way to send and receive micropayments globally.
The new solution offers PayPal’s competitive fee structure for micropayments, with pricing at 5 percent plus 5 cents for purchases under $12 — lower than the fees typically charged by payment processors in the digital goods industry. Every time a customer purchases content, publishers and merchants get paid quickly, giving them fast access to their funds. PayPal for digital goods will be available late fall this year.
At PayPal’s second annual Innovate developer conference, Facebook Chief Operating Officer Sheryl Sandberg announced that Facebook will integrate PayPal’s new digital goods payment flow to make PayPal the way to make purchases on Facebook.
Several additional companies, including Autosport.com, FT.com, GigaOM, Justin.tv, Ooyala, Plimus, Tagged, Tyler Projects and Ustream announced that they are also using PayPal to monetize the growing opportunity in digital goods.
Because PayPal for digital goods is built on PayPal’s sophisticated fraud prevention engine, developers don’t have to worry about building the systems required to protect customers’ sensitive financial information. PayPal is already one of the leading payment methods for digital goods, giving merchants global reach with 90 million accounts in 190 markets around the world. The company closed out 2009 with $2 billion of total payment volume for digital goods and reached $1.3 billion in the first half of 2010.
Innovate 2010 is the only developers conference dedicated to payments. The conference, at Moscone West in San Francisco from Oct. 26-27, brings together developers and industry experts to explore three main areas that are changing the way we pay: the phenomenal growth of mobile payments, the rise of social commerce and the move to Internet-enabled local payments.